News
Special prosecutor's office opens
The special investigative and prosecutory office provided for in the Act No. 135/2008 of 12 December 2008 has begun operations. It is headed by Ólafur Hauksson, and will investigate suspicions of criminal actions in the period preceding, in connection with or in the wake of the collapse of the Icelandic banks, whether these relate to the activities of financial undertakings, other legal entities or individuals, and, as appropriate, to follow up these investigations by prosecuting those concerned.
The office has the power to investigate and prosecute cases of economic crime, offences resulting in personal gain and violations of the tax legislation, including cases that have been investigated by the Directorate of Tax Investigations, the Competition Authority and the Financial Supervisory Authority, where these bodies have referred the matter to the police.
It is envisaged that the office will have a staff of 4-5 persons. Already engaged are Grímur Grímsson, a detective superintendent, Hólmsteinn Gauti Sigurðsson, senior legal expert and Sveinn Ingiberg Magnússon, detective superintendent. Sigurður Tómas Magnússon will be the office's legal advisor.
Collaboration
Specific provision is made in the Act on the Special Prosecutor for collaboration as necessary with the Directorate of Tax Investigations, the Financial Supervisory Authority, the Competition Authority and other regulatory and supervisory institutions. Upon request, these institutions will provide the prosecutor with information as to the status of cases which they have been handling. This will enable him to become involved in these cases at an earlier stage than would otherwise be the case and express an opinion as to whether criminal proceedings should be instituted. This arrangement is intended to pave the way for well-grounded and thorough preparation of such actions.
Provision on leniency
The Act contains a special provision on leniency, under which the Director of Public Prosecutions may decide, if certain strict conditions are met, and on receiving a recommendation to this effect from the Special Prosecutor, that persons who take the initiative on offering or submitting information or other materials to the police or the prosecutory authorities may be granted immunity from prosecution even though the information they provide may implicate them in the offences concerned.