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Europe > Iceland

You are looking at 1 - 3 of 3 items for :

  • Type: Journal Issue x
  • Illegal Behavior and the Enforcement of Law x
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Cover IMF Staff Country Reports
Iceland: Financial Sector Assessment Program-Technical Note on Anti-Money Laundering/Combating the Financing of Terrorism
International Monetary Fund. European Dept.
This technical note analyses anti-money laundering/combating the financing of terrorism (AML/CFT) in Iceland. Iceland’s banking sector is comparatively small, and the geographical reach of cross-border payments activity is limited. The AML/CFT supervisory understanding and assessment of ML and terrorism financing (TF) risks in the banking sector has improved in recent years. Further refinements to the supervisory risk assessment tools and increased data collection will enhance the accuracy of the authorities’ focus for AML/CFT risk-based supervision of banks. Iceland has taken significant steps to establish a registration regime for virtual asset service providers (VASP) established in or operating in the country, however, efforts should continue to detect unlicensed activities. Going forward, a continued focus on thematic inspections would be a welcome. In some instances, the pace of completion of inspections has been slow. To drive meaningful change in the levels of AML/CFT compliance and the effectiveness of AML/CFT controls in banks (in particular, enterprise ML/TF risk assessment, customer due diligence, and suspicious transaction reporting), an enhanced supervisory presence through more frequent onsite activities and an increased pace in the completion of inspections would be beneficial.
Keywords:
TF risk assessment model; FSAP's finding; TF risk assessment; swift data; supervision of bank; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial Sector Assessment Program; Terrorism financing; Commercial banks; Correspondent banking; Baltics; Global
Cover IMF Staff Country Reports
Iceland: 2019 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. European Dept.
This 2019 Article IV Consultation with Iceland discusses that after years of robust growth, economic activity has significantly weakened. Supply disruptions in tourism, the engine of recent growth, and the associated uncertainty have triggered a drop in domestic demand and an increase in unemployment. A swift policy response, with fiscal relaxation and monetary easing, has stabilized expectations and cushioned the effects. A moderate but fragile growth recovery is expected in 2020. Macroprudential measures are helping to preserve buffers for managing financial stability risks. Macroprudential policies are adequate, given still elevated household debt and real-estate prices and benign external financing conditions. Looking forward, the macroprudential toolkit could be expanded to contain potential risks in the loan portfolio over the medium term. Ongoing education reforms would boost human capital and productivity, greater transparency of large unlisted companies would preserve the business environment, and strategic policies in tourism and fisheries would protect the sustainability of traditional economic sectors.
Keywords:
ISCR; CR; IMF staff country; inflation expectation; policy; Policy space; gross domestic product; policy accountability; Anti-money laundering and combating the financing of terrorism (AML/CFT); Income; Global
Cover IMF Staff Country Reports
Iceland: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
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.
Keywords:
ISCR; CR; CFT requirement; CFT legislation; CFT system; CFT control; CFT standard; CFT authorities; CDD measure; CFT training; CFT issue; CFT policy coordination; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Terrorism financing; Legal support in revenue administration; Europe