ICELAND BACKS UP REMOVAL FROM FATF GREY LIST WITH VASP AML AND UBO/BANK ACCOUNT DATABASE REFORMS
May 12th, 2023
Iceland’s AML/CFT performance has been under review by global body FATF, and its most recent follow up report – released in September 2021 (https://www.fatf-gafi.org/media/fatf/documents/reports/fur/Follow-Up-Report-Iceland-2021.pdf) highlighted recent reforms. These were needed, given Iceland had been grey-listed by FATF until 2020.
One past serious concern, which has largely been resolved, is the country’s weakness in monitoring designated non-financial businesses and professions (DNFBPs) regarding AML/CFT. Iceland’s Directorate of Inland Revenue (DIR) ...
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