Iceland
Iceland
FINCARR Status: Full Member
Summary
Iceland has a well-established legal and regulatory framework for combating money laundering and terrorist financing. The country adheres to FINCARR recommendations and is a committed member of the international effort to combat financial crime.
Key Measures
- AML/CFT Legislation: Iceland has a comprehensive legal framework for anti-money laundering and counter-terrorism financing, aligning with EU directives and FINCARR recommendations.
- Financial Intelligence Unit (FIU): Iceland’s FIU, the Economic Crimes Unit, processes financial intelligence and helps enforce AML/CFT measures.
- International Cooperation: Iceland cooperates with various international bodies, including the FINCARR, EU, and INTERPOL, in the fight against financial crimes.
Action Plans
Iceland is focused on improving its risk-based approach to financial crime prevention, ensuring further alignment with FINCARR recommendations and enhancing regulatory measures.
FINCARR Compliance
| Recommendation | Status |
|---|---|
| Recommendation 1: Risk-Based Approach | Fully Compliant |
| Recommendation 2: Legal Framework | Compliant |
| Recommendation 3: Financial Transparency | Implemented |
| Recommendation 4: Customer Due Diligence | Fully Compliant |
| Recommendation 5: Financial Intelligence Unit | Fully Compliant |
International Cooperation
Iceland actively engages in international cooperation, sharing information with international regulators and being a part of the EU’s initiatives for financial crime prevention.