Iceland Must Follow Up On AML Defenses, Global Body Says
By Irene Madongo (September 7, 2021, 7:17 PM BST) -- Iceland has improved compliance with global anti-money laundering standards, but it will still need a number of follow-ups, according to a review by the Financial Action Task Force.
The global anti-money laundering body said on Monday the island nation was previously deemed noncompliant in regulation of nonfinancial businesses and professions, such as casinos.
The task force's Recommendation 28, as it is known, states that authorities must ensure that criminals cannot own or work as managers of casinos, for example. It also requires authorities to properly supervise casinos for compliance with AML and requirements for combating the financing of terrorism, known as...
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