Few Cases Land on Desk of Iceland’s Special Investigator Skip to content

Few Cases Land on Desk of Iceland’s Special Investigator

Ólafur Th. Hauksson, who was appointed specifically to investigate the events leading up to the collapse of Iceland’s banking system and as special prosecutor, said he and his team are becoming impatient and want to investigate more and larger cases.

Hauksson told Morgunbladid that only few cases have been sent to his desk from supervisory institutions since he took office at the beginning of last month, but that he is expecting an increased flow of cases soon.

The financial district in Reykjavík. Copyright: Icelandic Photo Agency.

The authority of the special investigator will be extended if a new bill on his office will be passed, which will grant Hauksson easier access to information and documents at institutions such as the Financial Supervisory Authority (FME).

In Hauksson’s opinion the regulations need to be clearer in terms of his office’s relations to other institutions. “We’ve had good relations with most institutions, but in case of doubt they delay the work of my office and, truth be told, I don’t have much time.”

After two years the office of the special investigator will be reviewed, closed or merged with other offices. However, in Hauksson’s opinion, the projects that will be allocated to his office are likely to take longer than two years.

The special investigator said he had expected larger cases to be sent to his office immediately. Lack thereof could be explained by the fact that not much time has passed since the banks completed their auditors’ reports.

However, the office has a few “concrete” cases that are currently under investigation and might lead to a public investigation. Four individuals have been hired to the office full time and a special taskforce might also be appointed.

Click here to read more about the special investigator.

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