Concern Grows Over Icelandic Money Laundering

Stephen Harris

20 April 2006

Rumours that much of Iceland’s new-found wealth has been generated by Russian money laundering have been confirmed by Björn Fridfinsson, chairman of the committee on money laundering in Iceland. Mr Fridfinsson estimated the scale of the problem as amounting to tens of billions of Icelandic króna and encompasses lawyers, dentists, accountants, and restaurant owners. Members of each of these groups have been caught laundering money for a fee in Iceland. A delegation from the Financial Action Task Force on Money Laundering is due to visit Iceland in the near future, according to reports from the Icelandic National Broadcasting Service, RÚV. A bill to revamp the current anti money laundering laws is under deliberation in the Icelandic parliament.