Eleven cases are expected to be sent from the Central Bank of Iceland to the FME national financial regulator under suspicion of breaking Iceland’s currency exchange rules. The Central Bank is currently looking into around 400 cases.
The Central Bank of Iceland has already formally sent 25 cases to the FME – eight of which have been sent on to the police. Last week the financial crimes unit began investigating one of them against four men and the Swedish company, Aserta.
Some of the 17 cases still sitting with the FME will result in fines being charged, RUV reports. The FME is entitled to fine companies and organisations up to ISK 75 million (USD 589,000) and individuals up to ISK 25 million. Larger cases are sent to the police.
According to FME sources, the investigation process can be time consuming, as it involves co-operation with foreign financial regulators. The regulator expects to complete several of its investigations within the coming few weeks.
This is just ridiculous.
Nice new jobs for these burecrats but of course when you have exchange controls they are going to be evaded.
Maybe if stupid Red-Green government had moved more swiftly in the reconstruction of banks ( adviser was close to resigning remember ) getting rid of the exchange control in April this year instead of making more strict then this whole class of ” criminals ” would not have been created.
While in mean time Instead foreign investors are being prevented and discouraged from bringing they capital into the country.
By the time finally do see this stupid exchange controls removed they will be starting to implement them in the US and US investors wont be able to send they money here to invest.
*in April 2009
How many ISK would an individual Icelander have to sneak out of the country in order to be acting unlawfully and liable to prosecution?