Alleged Currency Fraud Investigated in Iceland Skip to content

Alleged Currency Fraud Investigated in Iceland

House searches of companies and four homes were undertaken on Friday by around 30 employees of the economic crime department of the National Commissioner of the Icelandic Police, the Central Bank of Iceland, the Icelandic Financial Supervisory Authority and other institutions due to suspicion of currency fraud.

Copyright: Icelandic Photo Agency.

The investigation concerns alleged violations of currency restrictions and laws on foreign exchange transactions, as prosecutor of economic crimes Helgi Magnús Gunnarsson explained in a press conference along with Gunnar Andersen, director of the FSA, and Ingibjörg Gudbjartsdóttir, director of the Central Bank’s foreign exchange control, reports.

The investigation is directed at the company Aserta AB, which is registered in Sweden and believed to be run by four individuals in Iceland. The violations mostly concern illegal transactions of foreign currency. Swedish authorities are assisting with the investigation.

Gunnarsson said the company has been involved in extensive trade and that its actions are likely to have had a negative impact on the government’s and Central Bank’s efforts to work against the weakening of the Icelandic króna.

The company in Sweden is suspected of having had foreign currency transferred into its accounts and then exchanged the money for Icelandic krónas in an offshore market which were then transferred to accounts in Iceland.

“We are also looking into possible money laundering and tax violations, among other items,” Gunnarsson said.

Click here to read more about violations of the currency restrictions in Iceland.

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