Money laundering a growing problem in Iceland Skip to content

Money laundering a growing problem in Iceland

Money laundering is a growing problem in Iceland, reported the Icelandic National Broadcasting Service, RÚV. It is estimated to amount to tens of billions of Icelandic króna.

Björn Fridfinsson, a chairman of a committee on money laundering in Iceland, said that organized crime seeks to launder its ill gotten gains by investing in legitimate business. .

Lawyers, dentists, accountants, and restaurant owners have been caught laundering money for a fee.

Björn said that a special measures have been put into place – laws on money laundering are continuously being reviewed and a bill revamp the current laws is under deliberation in Althingi.

A delegation from OECD, the Financial Action Task Force on Money Laundering (FATFML) is due to visit Iceland, reported RÚV.

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