

Currently released so far... 12689 / 251,287
Browse latest releases
2010/12/01
2010/12/02
2010/12/03
2010/12/04
2010/12/05
2010/12/06
2010/12/07
2010/12/08
2010/12/09
2010/12/10
2010/12/11
2010/12/12
2010/12/13
2010/12/14
2010/12/15
2010/12/16
2010/12/17
2010/12/18
2010/12/19
2010/12/20
2010/12/21
2010/12/22
2010/12/23
2010/12/24
2010/12/25
2010/12/26
2010/12/27
2010/12/28
2010/12/29
2010/12/30
2011/01/01
2011/01/02
2011/01/04
2011/01/05
2011/01/07
2011/01/09
2011/01/10
2011/01/11
2011/01/12
2011/01/13
2011/01/14
2011/01/15
2011/01/16
2011/01/17
2011/01/18
2011/01/19
2011/01/20
2011/01/21
2011/01/22
2011/01/23
2011/01/24
2011/01/25
2011/01/26
2011/01/27
2011/01/28
2011/01/29
2011/01/30
2011/01/31
2011/02/01
2011/02/02
2011/02/03
2011/02/04
2011/02/05
2011/02/06
2011/02/07
2011/02/08
2011/02/09
2011/02/10
2011/02/11
2011/02/12
2011/02/13
2011/02/14
2011/02/15
2011/02/16
2011/02/17
2011/02/18
2011/02/19
2011/02/20
2011/02/21
2011/02/22
2011/02/23
2011/02/24
2011/02/25
2011/02/26
2011/02/27
2011/02/28
2011/03/01
2011/03/02
2011/03/03
2011/03/04
2011/03/05
2011/03/06
2011/03/07
2011/03/08
2011/03/09
2011/03/10
2011/03/11
2011/03/13
2011/03/14
2011/03/15
2011/03/16
2011/03/17
2011/03/18
2011/03/19
2011/03/20
2011/03/21
2011/03/22
2011/03/23
2011/03/24
2011/03/25
2011/03/26
2011/03/27
2011/03/28
2011/03/29
2011/03/30
2011/03/31
2011/04/01
2011/04/02
2011/04/03
2011/04/04
2011/04/05
2011/04/06
2011/04/07
2011/04/08
2011/04/09
2011/04/10
2011/04/11
2011/04/12
2011/04/13
2011/04/14
2011/04/15
2011/04/16
2011/04/17
2011/04/18
2011/04/19
2011/04/20
2011/04/21
2011/04/22
2011/04/23
2011/04/24
2011/04/25
2011/04/26
2011/04/27
2011/04/28
2011/04/29
2011/04/30
2011/05/01
2011/05/02
2011/05/03
2011/05/04
2011/05/05
2011/05/06
2011/05/07
2011/05/08
2011/05/09
2011/05/10
2011/05/11
2011/05/12
2011/05/13
2011/05/14
2011/05/15
2011/05/16
2011/05/17
2011/05/18
2011/05/19
Browse by creation date
Browse by origin
Embassy Athens
Embassy Asuncion
Embassy Astana
Embassy Asmara
Embassy Ashgabat
Embassy Apia
Embassy Ankara
Embassy Amman
Embassy Algiers
Embassy Addis Ababa
Embassy Accra
Embassy Abuja
Embassy Abu Dhabi
Embassy Abidjan
Consulate Auckland
Consulate Amsterdam
Consulate Adana
American Institute Taiwan, Taipei
Embassy Bujumbura
Embassy Buenos Aires
Embassy Budapest
Embassy Bucharest
Embassy Brussels
Embassy Bridgetown
Embassy Bratislava
Embassy Brasilia
Embassy Bogota
Embassy Bishkek
Embassy Bern
Embassy Berlin
Embassy Belmopan
Embassy Belgrade
Embassy Beirut
Embassy Beijing
Embassy Banjul
Embassy Bangkok
Embassy Bandar Seri Begawan
Embassy Bamako
Embassy Baku
Embassy Baghdad
Consulate Barcelona
Embassy Copenhagen
Embassy Conakry
Embassy Colombo
Embassy Chisinau
Embassy Caracas
Embassy Canberra
Embassy Cairo
Consulate Curacao
Consulate Ciudad Juarez
Consulate Chennai
Consulate Casablanca
Consulate Cape Town
Consulate Calgary
Embassy Dushanbe
Embassy Dublin
Embassy Doha
Embassy Djibouti
Embassy Dili
Embassy Dhaka
Embassy Dar Es Salaam
Embassy Damascus
Embassy Dakar
Consulate Dubai
Embassy Helsinki
Embassy Harare
Embassy Hanoi
Consulate Ho Chi Minh City
Consulate Hermosillo
Consulate Hamilton
Consulate Hamburg
Consulate Halifax
Embassy Kyiv
Embassy Kuwait
Embassy Kuala Lumpur
Embassy Kinshasa
Embassy Kingston
Embassy Kigali
Embassy Khartoum
Embassy Kathmandu
Embassy Kampala
Embassy Kabul
Consulate Kolkata
Embassy Luxembourg
Embassy Luanda
Embassy London
Embassy Ljubljana
Embassy Lisbon
Embassy Lima
Embassy Lilongwe
Embassy La Paz
Consulate Lahore
Consulate Lagos
Mission USOSCE
Mission USNATO
Mission UNESCO
Embassy Muscat
Embassy Moscow
Embassy Montevideo
Embassy Monrovia
Embassy Minsk
Embassy Mexico
Embassy Mbabane
Embassy Maputo
Embassy Manila
Embassy Manama
Embassy Managua
Embassy Malabo
Embassy Madrid
Consulate Munich
Consulate Mumbai
Consulate Montreal
Consulate Monterrey
Consulate Milan
Consulate Melbourne
Embassy Nicosia
Embassy Niamey
Embassy New Delhi
Embassy Ndjamena
Embassy Nassau
Embassy Nairobi
Consulate Naples
Consulate Naha
Embassy Pristina
Embassy Pretoria
Embassy Prague
Embassy Port Of Spain
Embassy Port Louis
Embassy Port Au Prince
Embassy Phnom Penh
Embassy Paris
Embassy Paramaribo
Embassy Panama
Consulate Peshawar
REO Basrah
Embassy Rome
Embassy Riyadh
Embassy Riga
Embassy Reykjavik
Embassy Rangoon
Embassy Rabat
Consulate Rio De Janeiro
Consulate Recife
Secretary of State
Embassy Suva
Embassy Stockholm
Embassy Sofia
Embassy Skopje
Embassy Singapore
Embassy Seoul
Embassy Sarajevo
Embassy Santo Domingo
Embassy Santiago
Embassy Sanaa
Embassy San Salvador
Embassy San Jose
Consulate Strasbourg
Consulate St Petersburg
Consulate Shenyang
Consulate Shanghai
Consulate Sapporo
Consulate Sao Paulo
Embassy Tunis
Embassy Tripoli
Embassy Tokyo
Embassy The Hague
Embassy Tel Aviv
Embassy Tehran
Embassy Tegucigalpa
Embassy Tbilisi
Embassy Tashkent
Embassy Tallinn
Consulate Toronto
Consulate Tijuana
USUN New York
USEU Brussels
US Office Almaty
US Mission Geneva
US Interests Section Havana
US Delegation, Secretary
UNVIE
Embassy Ulaanbaatar
Embassy Vilnius
Embassy Vienna
Embassy Vatican
Embassy Valletta
Consulate Vladivostok
Consulate Vancouver
Browse by tag
AF
ASEC
AR
AEMR
AMGT
AE
AU
AID
AORC
APER
AS
AM
AFIN
AMED
AJ
AGR
ACOA
ANET
ASIG
ABLD
AL
AA
APECO
AGAO
AY
AGMT
APEC
AINF
AG
ACS
AECL
AFFAIRS
ABUD
ASUP
ADANA
AADP
AMCHAMS
ARF
ASEAN
ADPM
ATRN
ALOW
APCS
ADCO
ACAO
AORG
AROC
AO
AODE
ACABQ
AX
AMEX
AFGHANISTAN
AZ
AND
ARM
AQ
ATFN
AMBASSADOR
ACBAQ
AFSI
AFSN
AC
AUC
ASEX
AER
AVERY
AGRICULTURE
ASCH
AFU
AMG
ATPDEA
ASECKFRDCVISKIRFPHUMSMIGEG
AORL
ADM
AN
AIT
BU
BR
BL
BO
BA
BB
BG
BM
BBSR
BH
BEXP
BK
BD
BTIO
BT
BE
BY
BF
BX
BP
BRUSSELS
BILAT
BIDEN
BC
BMGT
BWC
BN
BTIU
CH
CG
CF
CU
CE
CVIS
CASC
CO
CS
CA
CIDA
CBW
CW
CMGT
CI
CODEL
CY
CPAS
CJAN
CD
CWC
CDG
CIA
CL
CROS
CAPC
CTR
CT
CR
CBSA
CEUDA
COM
CFED
CV
CACS
CARSON
CLINTON
CN
CONS
CM
CAC
CIC
COPUOS
CDC
CONDOLEEZZA
CICTE
COUNTER
COUNTRY
CBE
CKGR
CHR
CVR
COUNTERTERRORISM
CITEL
CLEARANCE
COE
CARICOM
CB
CSW
CITT
CACM
CDB
CJUS
CTM
CAN
CLMT
CBC
CNARC
CIS
EG
EZ
EUN
ECON
ETRD
ECPS
EFIN
ENRG
ETTC
EPET
EINV
EAID
EAIR
EWWT
EU
EAGR
EC
ELAB
EIND
EN
EMIN
ESENV
ENNP
EFIS
ELTN
ET
ECIN
EFTA
ES
EINT
EI
ENGR
ETRDEINVECINPGOVCS
ENVI
ETRDECONWTOCS
ECINECONCS
ELN
ELECTIONS
ENVR
EXTERNAL
EXIM
ETRO
ENIV
ESA
ER
EK
EUR
EFINECONCS
EUMEM
EUREM
EPA
ERNG
ENERG
ECA
ETRC
EINVEFIN
ETC
EAP
ECONOMY
EINN
ECONOMIC
EXBS
ECUN
ENGY
ECONOMICS
EIAR
EINDETRD
ECONEFIN
EURN
EDU
ETRDEINVTINTCS
ECIP
EFIM
EAIDS
EREL
EINVETC
ECONCS
ETRA
EAIG
EUC
ERD
ETRN
EINVECONSENVCSJA
EEPET
EUNCH
IS
IZ
IR
IC
IO
IN
ID
IGAD
IT
ILC
IAEA
ITU
ICAO
IMO
IBRD
IMF
ICJ
IAHRC
ITF
INRA
INRO
IWC
IQ
IV
ICRC
ICTY
INRB
IEFIN
ILO
ITRA
ITALY
IBET
ISRAELI
IL
INTELSAT
IRC
IDP
ICTR
IRAQI
IPR
IIP
INMARSAT
ITPGOV
ITALIAN
INTERNAL
IRS
IA
INTERPOL
IEA
INR
IZPREL
IRAJ
IF
ITPHUM
ISRAEL
IACI
INDO
IDA
ISLAMISTS
KSPR
KNNP
KWBG
KAWK
KISL
KPAO
KN
KS
KIPR
KCRM
KDEM
KIRF
KJUS
KHLS
KSCA
KOMC
KAWC
KV
KFRD
KWMN
KTIP
KPWR
KSUM
KGHG
KTIA
KTFN
KIRC
KCOR
KACT
KMDR
KGIC
KOLY
KUNR
KIDE
KMPI
KPKO
KCFE
KVPR
KRAD
KPAL
KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG
KTEX
KTDB
KFSC
KZ
KSEP
KFLU
KE
KU
KPLS
KRVC
KRIM
KSTH
KG
KFLO
KPOA
KICC
KDDG
KPRV
KTBT
KBCT
KSAF
KMOC
KDRG
KBIO
KREC
KSTC
KVRP
KBTR
KMIG
KENV
KNSD
KCGC
KWAC
KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG
KWMM
KPRP
KNEI
KPAI
KO
KVIR
KX
KMCA
KCRS
KMFO
KID
KCIP
KNAR
KR
KCRCM
KBTS
KSEO
KHDP
KFIN
KOCI
KGIT
KNUP
KPAONZ
KNUC
KNNPMNUC
KERG
KSCI
KTLA
KHIV
KCSY
KTRD
KMRS
KNPP
KJUST
KCMR
KTER
KRCM
KCFC
KSAC
KCHG
KREL
KFTFN
KCOM
KLIG
KDEMAF
KAID
KGCC
KICA
KHUM
KSEC
KPIN
KESS
KDEV
KWWMN
KOM
KWNM
KRFD
KRGY
KIFR
KWMNCS
KPAK
KOMS
KHSA
MPOS
MOPS
MARR
MTCR
MNUC
MASS
MX
MCAP
MAR
MTRE
MASC
MK
MG
MTCRE
MI
MD
MA
MO
MY
MU
ML
MRCRE
MAS
MEDIA
MC
MR
MIL
MW
MARAD
MAPP
MZ
MP
MOPPS
MTS
MLS
MILI
MEPN
MEPI
MEETINGS
MERCOSUR
MT
MCC
MIK
MAPS
MV
MILITARY
MDC
MEPP
MASSMNUC
MUCN
MQADHAFI
NATO
NG
NL
NZ
NT
NW
NO
NU
NS
NPT
NASA
NI
NK
NSG
NE
NORAD
NAFTA
NP
NATIONAL
NSSP
NSF
NA
NGO
NV
NR
NDP
NIPP
NZUS
NH
NC
NEW
NRR
NAR
NATOPREL
NPG
NSC
NPA
NSFO
OPDC
OPRC
OEXC
OTRA
ODIP
OIIP
OVIP
OPIC
OPCW
OAS
OREP
OSCE
OSCI
OES
OFDP
OECD
OCS
OIC
OPAD
OVP
OHUM
OFFICIALS
OIE
OTR
OMIG
OSAC
OBSP
OFDA
ON
OCII
PREL
PGOV
PARM
PINR
PTER
PHUM
PK
PREF
PM
PHSA
PA
PINS
PE
PBTS
PCI
PO
PL
POGOV
PAK
PEL
PGIV
PROP
PP
PBIO
POL
POLITICS
POLICY
PINL
PBT
PMIL
POV
PTBS
PG
POSTS
PALESTINIAN
PROV
PNAT
PINF
PRL
PAS
PDOV
PRAM
PREO
PAHO
PHUMPGOV
PAO
PREFA
PSI
POLITICAL
PAIGH
PARMS
PROG
PTERE
PRGOV
PORG
PS
PGOF
PKFK
PSOE
PEPR
PPA
PINT
PMAR
PRELP
PNG
PFOR
PUNE
PGOVLO
PHUMBA
PSEPC
PNR
POLINT
PGOVE
PHALANAGE
PARTY
PDEM
PECON
PGOC
PY
PLN
PHUH
PF
PHUS
PU
PARTIES
PCUL
PGGV
PSA
PGOVSMIGKCRMKWMNPHUMCVISKFRDCA
PHUMPREL
RS
RU
RW
REACTION
RCMP
RSO
RO
RP
ROOD
RM
ROBERT
RICE
REGION
RSP
RF
RIGHTS
RIGHTSPOLMIL
RUPREL
RELATIONS
RFE
REPORT
SY
SP
SOCI
SMIG
SNAR
SCUL
SC
SU
SO
SI
SENV
SZ
SW
SA
SR
SF
SEVN
SN
STEINBERG
SEN
SG
SYR
SWE
SK
SH
SNARCS
SAARC
SNARIZ
SPCE
SARS
SNARN
SCRS
SYRIA
SL
SENVKGHG
SAN
ST
SIPDIS
SSA
SPCVIS
SOFA
SANC
SHI
SHUM
SIPRS
TSPA
TSPL
TU
TBIO
TRGY
TPHY
TS
TP
TW
TBID
TI
TF
TZ
TD
TT
TN
TNGD
TC
TX
TH
TL
TIP
THPY
TV
TK
TERRORISM
TO
TRSY
TURKEY
TINT
TFIN
TAGS
TR
US
UNSC
UNGA
UK
UP
UNCHC
UN
UNMIK
UNCSD
UY
USTR
USOAS
UNHRC
UNFCYP
UG
UNAUS
UNESCO
UNIDROIT
UNO
UV
UNHCR
USUN
UZ
USNC
UNCHR
UNCND
UNEP
USEU
USPS
USAID
UE
UNVIE
UAE
UNDP
UNODC
UNCHS
UNFICYP
UNDESCO
UNC
UNPUOS
UNDC
UNICEF
Browse by classification
Community resources
courage is contagious
Viewing cable 08REYKJAVIK291, ICELAND: 2009 INTERNATIONAL NARCOTICS CONTROL STRATEGY
If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs
Understanding cables
Every cable message consists of three parts:
- The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
- The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
- The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #08REYKJAVIK291.
Reference ID | Created | Released | Classification | Origin |
---|---|---|---|---|
08REYKJAVIK291 | 2008-12-10 16:54 | 2011-01-13 05:37 | UNCLASSIFIED | Embassy Reykjavik |
P 101654Z DEC 08
FM AMEMBASSY REYKJAVIK
TO SECSTATE WASHDC PRIORITY 3919
INFO DEPT OF TREASURY WASHINGTON DC
DEPT OF JUSTICE WASHDC
DEA WASHDC
AMEMBASSY COPENHAGEN
UNCLAS REYKJAVIK 000291
STATE FOR INL, EUR/RPM AND EUR/NB
DEA FOR OFFICE OF DIVERSION CONTROL
TREASURY FOR FINCEN
JUSTICE FOR AFMLS, OIA, AND NDDS
COPENHAGEN FOR DEA
E.O. 12958: N/A
TAGS: SNAR KTFN EFIN KCRM IC
SUBJECT: ICELAND: 2009 INTERNATIONAL NARCOTICS CONTROL STRATEGY
REPORT (INCSR) PART 2: MONEY LAUNDERING
REFS: A)STATE 104800
B)REYKJAVIK 259
¶1. Post provides the following submission for Part 2 of the INCSR
report. Part 1 (Narcotics) was transmitted Ref B.
¶2. Begin text of submission:
Iceland
Money laundering is not considered a major problem in Iceland,
though international observers have questioned the effectiveness of
the anti-money laundering regime in the country. The Icelandic Penal
Code criminalizes money laundering regardless of the predicate
offense, although the code specifies that sentences in cases
involving multiple crimes be determined based on the worst crime.
Therefore, if a case involves both drug offenses and money
laundering, the sentence will be based on the laws that concern the
drug case. In cases that concern money laundering activities only,
the maximum sentence is ten years' imprisonment.
Iceland based its money laundering law on the Financial Action Task
Force's (FATF's) Forty Recommendations. In June 2006, the parliament
passed the Act on Measures to Counteract Money Laundering and the
Financing of Terrorist Acts (MCML-FTA). This legislation replaces
the 1993 Act on Measures to Counteract Money Laundering (MCML) and
subsequent amendments. The legislation covers a broad range of
financial institutions, but is more specific than the previous
legislation, and imposes obligations on legal entities to report any
suspicious activities to the authorities. The legislation extends
requirements against money laundering and financing of terrorism to
the full range of designated non-financial businesses and
professions. The MCML-FTA covers a broader scope of designated
non-financial business and professions in items, including
attorneys, auditors, real estate dealers, and other service
providers and dealers in accordance with FATF recommendations.
The MCML-FTA also applies due diligence laws to the legal entities
that fall under the reporting requirement. There are provisions in
the law that allow for a fine for failure to comply.
The regulation for the MCML-FTA requires that any suspicion that a
transaction can be traced to money laundering or terrorist financing
shall be reported to the Economic Crime Division of the National
Commissioner of Police, specifically to the Financial Intelligence
Unit (FIU). The law requires those legal entities that fall under
the reporting requirement to pay special attention to
non-cooperative countries and territories (NCCTs) that do not follow
international recommendations on money laundering. The Financial
Supervisory Authority (FME), the main supervisor of the Icelandic
financial sector, is to publish announcements and instructions if
special caution is needed in dealing with any such country or
territory.
The MCML requires banks and other financial institutions, upon
opening an account or depositing assets of a new customer, to have
the customer prove his or her identity by presenting personal
identification documents. The legal entities that fall under the
reporting requirement shall verify customers' reliability: when
they make individual transactions amounting to 15,000 euros (ISK
2.25 million) or more; at the beginning of a permanent business
relationship; when making currency exchange amounting to 1,000 euros
(ISK 150,000) or more, whether the transaction takes place in one or
more related transactions; when there is suspicion of money
laundering or the financing of terrorist acts, without regard to
exceptions or limitations of any kind; or when there is doubt that
information about a customer is correct or reliable enough.
An individual party may not leave the country with more than the
equivalent of 15,000 euros in cash, unless it is accounted for at
the customs authorities. As Iceland is now facing a severe financial
crisis, the parliament granted the Central Bank the authority to
issue rules on foreign exchange in order to support the exchange
value of the ISK. On December 1, the Central Bank used its authority
to issue such rules. Among other things, the rules dictate that
Icelandic banks cannot sell more than 500,000 ISK in foreign
currency to any individual party per calendar month. These rules are
meant to be temporary measures.
Financial institutions record the name of every customer who seeks
to buy or sell foreign currency. All records necessary to
reconstruct significant transactions are maintained for at least
seven years. Employees of financial institutions are protected from
civil or criminal liability for reporting suspicious transactions.
In July 2007, the FATF released its first evaluation of the
Icelandic money laundering and terrorist financing regime since the
passage of the new legislation. The report expressed concerns
regarding the effectiveness of the enforcement system. It noted
that penalties for money laundering seem disproportionately low and
as a result not dissuasive. In addition, there has been a decline in
the number of money laundering prosecutions and convictions in
recent years, despite a rise in the number of Suspicious Transaction
Reports (STR), a steep increase in the number of drug crimes, and an
extraordinary expansion of the financial sector.
On terrorist financing, the report noted that the law defines
terrorist financing in broad terms but fails to fully cover the
financing of acts listed in the Terrorist Financing Convention. The
effectiveness of provisional and confiscation measures is
satisfactory, but further improvement would make them even more
effective. The report recommends that Iceland adopt a comprehensive
mechanism to freeze assets in the context of UN Security Council
Resolution S/RES/1373. Furthermore, the FATF report suggests that
Icelandic authorities increase sanctions for directors and managers
of financial institutions found to be in violation of the law.
As noted, suspicious transaction reports (STRs) have consistently
risen in Iceland in recent years, but Icelandic authorities continue
to ascribe this to better training and awareness of the issue. The
FIU has an officer assigned to cover suspicious transactions and has
expanded the training provided to financial institutions to include
those working at financial intermediaries such as lawyers and
accountants. The FIU received 241 STRs in 2003, 301 STRs in 2004,
283 STRs in 2005, 323 STRs in 2006, and 496 STRs in 2007.
The first successful prosecution under the money laundering law
occurred in 2000. There have been nine cases prosecuted since then,
with convictions resulting in each case. There were no money
laundering prosecutions in 2008.
Iceland's FIU is the primary government agency responsible for asset
seizures and is authorized under the criminal code to freeze or
seize funds based on reasonable suspicion of criminal activity.
There are no significant obstacles to asset seizure in practice. The
FME and the FIU make every effort to enforce existing drug-related
asset seizure and forfeiture laws. In recent years, asset seizure
has become quite common in embezzlement crimes, while only a small
fraction of total asset seizures has related to money laundering.
Under the Icelandic Penal Code, any assets confiscated on the basis
of money laundering investigations must be delivered to the
Icelandic State Treasury. There have been no instances of the U.S.
or any other government requesting seized assets from Iceland.
Foreign transfer or sharing of seized assets is not covered by
existing legislation.
Icelandic law specifically criminalizes terrorism and terrorist
acts, and requires the reporting of suspected terrorist-linked
assets and transactions involving possible terrorist operations or
organizations. A March 2003 amendment to the Law on Official
Surveillance on Financial Operations strengthened Iceland's ability
to adhere to international money laundering and asset freezing
initiatives and agreements. In accordance with international
obligations or resolutions to which Iceland is a party, the FME
shall publish announcements on individuals or legal entities
(companies) whose names appear on the UNSCR 1267 Sanction
Committee's consolidated list or on European Union clearinghouse
list and whose assets or transactions Icelandic financial
institutions are specifically obliged to report to authorities and
freeze. Prior to the amendment, the government had to publish the
names of terrorist individuals and organizations in the National
Gazette in order to make them subject to asset freezing. The
government formally enacted financial freeze orders against
individuals and entities on the UNSCR 1267 Sanction Committee's
consolidated list. Government of Iceland officials have said they
will consider applying their terrorist asset freeze strictures
against U.S.-only designated entities (i.e., names not on UN or EU
lists) on a case-by-case basis. To date, Iceland has discovered no
terrorist-related assets or financial transactions.
When dealing with other European Economic Area (EEA) member
countries, the FME can disclose confidential information to other
governments, provided that this sharing is beneficial for conducting
investigations of suspicious money laundering activities, and that
EU Data Protection guidelines are followed. Concerning requests for
information from countries outside of the EEA, the FME may, on a
case-by-case basis, disclose to supervisory authorities information
under the same conditions of confidentiality. To date there have
been no requests from either EEA or non-EEA countries for an
exchange of information concerning suspected acts of money
laundering.
There is currently no agreement (nor discussions toward one) between
Iceland and the United States to exchange information concerning
financial investigation, and no Mutual Legal Assistance Treaty
(MLAT). The National Commissioner of Police has acted on tips from
foreign law enforcement agencies in the investigation of money
laundering activities, and the process of international cooperation
with the law enforcement authorities of other countries appears to
work smoothly.
Iceland is a party to the 1988 UN Drug Convention; the Council of
Europe Convention on Laundering, Search, Seizure, and Confiscation
of the Proceeds from Crime; the UN Convention against Transnational
Organized Crime (ratified May 2008); and the UN International
Convention for the Suppression of the Financing of Terrorism.
Iceland is party to several multilateral conventions on terrorism
and rules of territorial jurisdiction, including the 1977 European
Convention on the Suppression of Terrorism. Iceland is a member of
the FATF, and its financial intelligence unit is a member of the
Egmont Group.
The Government of Iceland should continue to enhance its anti-money
laundering/counterterrorist financing regime through the enforcement
of existing laws, review and implementation of FATF recommendations
for effective use of that legislation and reinforcement of relevant
institutions' understanding of the regime.
End text of submission.
VAN VOORST