Icelandic banking collapse - investigation launched

The Icelandic government is to investigate their banking collapse. They have enacted legislation granting a special committee wide powers to establish the facts.

The Icelandic parliament, Althingi have enacted (Act nr. 142/2008 passed 18 December 2008*) a parliamentary bill from the Minister of Justice, the main purposes being to establish a public investigation committee that will investigate the reason behind the collapse of the Icelandic banks.

According to the Act, among other things, every person and institution must supply information in form of reports, records, documents, books, memos, contracts, etc. if the committee demands them. It also requires that the committee is given secret/confidential information. Lawyers and auditors are not obliged to inform the committee if they don’t get permission from a part-owner.

source: Nordisk Kriminologi 35 (1) [2009]

* The Act is available here, but is only currently available in Icelandic.

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