Iceland's progress in strengthening measures to tackle money laundering and terrorist financing

Follow-Up-Report-Iceland-2021

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6 September 2021 - Since the 2018 assessment of Iceland’s measures to tackle money laundering and terrorist financing, and its 2019 and 2020 follow-up reports, the country has taken a number of actions to strengthen its framework.

Iceland has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2018, and was subject to increased monitoring between October 2019 and October 2020.

In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since its last follow-up report, in November 2020. Consequently, to reflect Iceland’s progress, the FATF has now re-rated the country compliant on Regulation and supervision of designated non-financial businesses and professions (Recommendation 28). The country was originally rated non-compliant, then re-rated and maintained at partially compliant in its 1st and 2nd follow-up reports. 

Today, Iceland is compliant on 22 of the 40 Recommendations and largely compliant on 16 of them. It remains partially compliant on 2 Recommendations.

Iceland will remain in enhanced follow-up and will continue to report back to FATF on its progress.


 

 

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