Iceland currency exchange restrictions lead to 28 legal cases

gylfi-magnusson28 cases of organisations breaking Iceland’s strict temporary currency restrictions have been sent to the FME financial regulator, according to Minister for Economic Affairs Gylfi Magnusson.

Magnusson made his statement in response to a parliamentary question from Independence Party MP Asbjorn Ottarsson. Ottarsson asked what practical action the government is taking to persue those who break the currency exchange laws. He also asked what options exist to prevent the currency laws being broken in the first place, reports.

Magnusson pointed out that his answer was based only on information from the FME because his ministry’s requests for information from the Central Bank of Iceland have so far yielded silence.

Among the cases investigated by the FME, several have been passed on to the police, who carried out house searches at homes and offices at the end of January related to currency exchange violations.

Among those implicated in the case were the former handball star Markus Mani Michaelsson.

When this case hit the headlines at the end of January only 25 cases were under investigation, meaning three new ones have been added since.

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