Money laundering
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Former City Councilman Gets Six Months Probationary Sentence For Money Laundering
Iceland’s Supreme Court confirmed the money laundering conviction for former Reykjavík City Councilman for the Independence Party Júlíus Vífill Ingvarsson, Vísir reports, but diminished his sentence from 10 months in prison to six, probationary. While Júlíus was found guilty in December 2018…
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50 Defendants In ISK 800 Million Money Laundering Case
RÚV has reported there are now 50 defendants in the extensive money laundering case where over 800 million ISK was laundered. This case may be connected to drug smugglers in South America. This investigation, which is being carried out by the District…
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Iceland Hopes To Be Removed From Grey List
The FATF, an international group against money laundering and terrorism financing, will meet on Friday to discuss whether or not Iceland can be removed from their so-called ‘Grey List’, Vísir reports. The FATF’s (Financial Action Task Force) Grey List highlights the countries…
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Fishrot Files: The Response In Iceland So Far
Samherji CEO Þorsteinn Már Baldvinsson has temporarily stepped down from his post, RÚV reports, while investigations are being conducted in the wake of the revelations being brought to light by the Fishrot Files—an exposé by Wikileaks and numerous media outlets showing how…
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Icelandic Fishing Company Engaged In Bribery, Tax Evasion, Plundering African Resources
Some 30,000 documents published by Wikileaks as The Fishrot Files, and subsequently reported on by Stundin, RÚV’s investigative news programme Kveikur, Al-Jazeera and The Namibian, show that Samherji, Iceland’s largest fishing company, has for years been engaging in bribery of public officials…
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FATF: Iceland Needs To Do More To Combat Money Laundering & Terrorist Financing
The Financial Action Task Force (FATF) has noted that while Iceland has made some improvements when it comes to fighting money laundering and terrorist financing, a new report from them outlines, but still remains not fully compliant in areas the FATF considers…
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Iceland Seeks To Limit Cash Slots To Reduce Money Laundering
Difficult as it may be to believe, money laundering is a problem in Iceland, but international bodies have often criticised the Icelandic government of having a poor or distorted understanding of money laundering risks. Kjarninn now reports that, in a report from…
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Former Reykjavik Councilperson Found Guilty Of Money Laundering
Júlíus Vífill Ingvarsson, a former Reykjavík City Councilperson for the Independence Party, has been found guilty of money laundering in Reykjavík District Court today, RÚV reports. He received a sentence of ten months in prison, but this will be a probationary sentence…
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Iceland With “Fragmented Understanding” Of Money Laundering
A new report from the Financial Action Task Force (FATF) states that Iceland needs to improve their grasp of money laundering and terrorist financing, and to coordinate better with domestic authorities in this regard. The report (PDF) offers plenty of praise for…
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Disgraced City Councillor Named In Panama Papers Charged With Money Laundering
Last year, following the publication of the Panama Papers, Júlíus Vífill Ingvarsson had to resign from his position as as city councillor in Reykjavík after it was revealed he had owned an account with Mossack Fonseca. Now, he is being he set…
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Money Laundering In Iceland, And How We’re Fighting It
Guðrún Árnadóttir and Björn Þorvaldsson do not have the most glamorous jobs in the world. In fact, chances are you never heard of them before if you haven’t been following the Icelandic news for the past ten years now. And yet these…