Icelandic financial crime fighters unite under one roof

The financial crimes unit of the Icelandic police will today merge with the office of the Special Prosecutor into the banking crisis.

Most areas of the police financial crimes division will now be dealt with by the new joint office; but the police will, at least for the time being, retain control of investigations into money laundering and the financing of terrorism.

A press release from the office of the National Commissioner of the Icelandic Police states that the financial crimes division has been preparing extensively for the merger over recent months and the unit is apparently in good shape. A total of 85 cases will go with the unit over to the special prosecutor’s office. Of those 85, 79 are being processed by the unit and six are with the courts, reports.

Funding for the financial crimes unit will be channelled through the Special Prosecutor’s office from now on, instead of through the police commissioner. The funding is around ISK 124 million (EUR 757,575) per year — meaning that the annual funding to the police will be proportionately lower.

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