Iceland: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
July 26, 2007
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This paper examines Iceland’s Observance of Standards and Codes on the Financial Action Task Force Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism. Iceland’s legal requirements in place to combat money laundering and terrorist financing are generally comprehensive. The penalties for money laundering appear low, and the number of money laundering prosecutions and convictions has decreased. The terrorist financing offence is generally broad, although it does not fully cover the financing of acts listed in the Terrorist Financing Convention.
Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Legal support in revenue administration, Money laundering, Revenue administration, Terrorism financing
Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), CDD measure, CFT authorities, CFT control, CFT issue, CFT legislation, CFT policy coordination, CFT requirement, CFT standard, CFT system, CFT training, CR, Europe, ISCR, Legal support in revenue administration, Money laundering, Terrorism financing
Pages:
27
Volume:
2007
DOI:
Issue:
254
Series:
Country Report No. 2007/254
Stock No:
1ISLEA2007001
ISBN:
9781451819342
ISSN:
1934-7685
