Money laundering incidents increase in the Faroe Islands according to compliance officer

Reports of money laundering incidents have been on the rise since 2018, according to a compliance officer at one of the banks in the Faroe Islands.

The latest report from the anti-money laundering secretariat provided a detailed risk assessment for individual countries within the Kingdom in January 2023.

The compliance officer noted that the number of alerts being forwarded to Faroese authorities is also increasing.

In a related discussion, the officer elaborated on the growing concerns and measures being taken to combat these threats.