To What Extent Does Nordal Does Own An Offshore Company? Essay
However, the evidence does say that Nordal does own an offshore company. And there are papers released by the ICIJ of Nordal’s power of attorney over Dooley Securities S.A. in 2006, along with a signed escrow document. Which means that she was having the money transferred through a series of third-party offshore companies. This would have made it easier to hid bribe money.
Within the panama papers, a larger scandal broke which made Iceland’s youngest Prime Minister Sigmundur David Gunnlaugsson resigned.
Regulation No. 64/ 2006 of by the Ministry of Industries and Innovation of Iceland, is about measures to prevent money laundering. Article 12 of this regulation is about the due diligence needed by a PEPs. Article 12 states that a PEP must “obtain senior management approval before entering into business transactions with such customers; take appropriate measures to verify the source of funds that are involved in the business relationship or transaction; conduct regular monitoring of the business relationship.”