Eva Joly, special adviser to Iceland’s banking collapse investigation says she is pleased with the way the investigation into origins of the economic crisis is progressing and that the first prosecutions could come before the end of this year. She also feels, however, that more staff are still needed to work on the investigation. A delegation from Britain’s Serious Fraud Office will arrive in Iceland later this month to take part in the investigation.

Joly returned to Iceland earlier this week, partly because of raids that took place on Thursday at two accounting firms, KPMG and Price Waterhouse Coopers. Six foreign specialist investigators took part in the searches.

Three of the six outside investigators will remain in Iceland for the next six weeks to examine the papers and files taken on Thursday concerning the three banks Glitnir, Kaupthing and Landsbanki, RUV reports.

Joly is generally satisfied with the progress of the Special Investigator, Olafur Thor Hauksson and his team – and she welcomed the hiring of three additional long-term financial investigators. She told RUV that five extra support staff are needed to help the investigation, followed by another five to support each extra investigator when they begin work.

In addition to the foreign experts already in Iceland, Joly says important links have been established with INTERPOL and financial regulators in Luxembourg and that the Norwegian State Prosecutor has also offered help.

Joly met recently with representatives of the Serious Fraud Office and as a result, four SFO staff member are due in Iceland soon.