Business Corruption in Iceland
The rule of law is well maintained in Iceland, and the tolerance for corruption is low. Although isolated cases of corruption do occur, it is not considered an obstacle to doing business. Iceland’s General Penal Code (GPC) criminalises the acts of giving and receiving a bribe, abuse of office, trading in influence and fraud. It establishes criminal liability for individuals and companies, and forbids bribery between businesses and foreign public officials. There is no distinction made between bribes and facilitation payments, while the illegality of gifts and hospitality depends on their intent and the benefit obtained. Since the financial crisis, a number of fraud scandals have been uncovered in the financial sector, revealing conflicts of interest between businesses and political figures and abuses of public funds. This has exposed institutional weaknesses and has raised fundamental questions about the integrity of Iceland’s governing institutions. The government has initiated a large number of investigations into the collapse as well as legal and regulatory measures to counter abuses in its financial system.
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