Iceland Removed From FATF Grey List Skip to content
Áslaug Arna Sigurbjörnsdóttir minister of justice
Photo: Golli.

Iceland Removed From FATF Grey List

Iceland has been removed from the so-called grey list of FATF (Financial Action Task Force) – concerning anti-money laundering and counter-terrorist financing measures. The organisation’s revealed this conclusion at a meeting today, according to Minister of Justice Áslaug Arna Sigurbjörnsdóttir.

Iceland was greylisted along with Mongolia and Zimbabwe one year ago and owed its place on the list to the lacklustre legislature concerning money laundering and its sluggishness in monetary reform. The government responded to the criticism, including the introduction of legislation on the registry of beneficial owners of companies. Last June, Iceland had met the organisation’s requirements in a satisfactory way.

The final decision was made after the organisation’s evaluation this September when experts arrived for field research. These experts concluded that there was a strong political will to continue the work of strengthening Iceland’s defences against money laundering and terrorist financing.

“For the last two year’s we’ve made enormous strides in the fight against money laundering and terrorist financing. I’m grateful for the hard and selfless work that several individuals and authorities have put in to reach this conclusion. My thanks and congratulations to all of them on this occasion,” said Áslaug.

Commissioner of the Inland Revenue Snorri Olsen told RÚV he thought the positive effect of leaving the grey list will be clear immediately.

 

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