Fighting Fraud in Iceland

December 2012 

ACFE Member Profile 

Last month, Hinrik Pálsson became Iceland's newest Certified Fraud Examiner (CFE). Based in Reykjavik, Pálsson serves as Detective Chief Inspector for the Office of the Special Prosecutor, where he heads several investigative teams that deal with financial fraud. He said that banking fraud is one of the issues weighing on the minds of Icelanders today.

What is the role of the Office of the Special Prosecutor in regards to fraud in Iceland? 

The agency was set up specifically to investigate fraud in relation to the banking crisis.  In the autumn of 2008 almost the whole Icelandic financial system collapsed.  The agency began very small in early 2009, with five people, but has now grown into an organization counting around 110 employees, including prosecutors, investigators and supporting staff. Today the Office of the Special Prosecutor handles all serious cases of economic and financial crime in Iceland.

Please tell us about some of your responsibilities as Detective Chief Inspector. 

Investigative teams at the agency are set up on project management basis. My responsibility as Detective Chief Inspector is the daily running of several investigative teams that each count 2-6 investigators.

What are some of the most serious fraud threats and challenges being seen in Iceland today? 

Fraud and unethical behavior in the financial sector has received a lot of attention in recent years in wake of the banking crisis from 2008 and onwards. Polls have also shown that the public rates serious economic and financial crime to be more of a threat than in used to be.

What did you do before working at the Office of the Special Prosecutor? 

Previously I worked for the Icelandic National Commissioner of the Police on matters related to security and anti-terrorism.

What first interested you about the ACFE and influenced you to earn the CFE credential? 

I had been investigating serious economic and financial fraud cases for several years and wanted to further my knowledge in this field.  After doing a bit of research I found the CFE credential to be the right choice.  One of the things I find interesting is the multidisciplinary approach, drawing on knowledge from accounting, law, criminology etc.

Do you have any advice for someone just starting their career as a fraud examiner? 

Never stop learning and build connections with other CFEs and fraud fighters.

What impact has being a CFE, and a member of the ACFE, had on you personally and professionally? 

I have found the CFE credential to be an excellent addition to my previous training and education.  As well as giving a solid knowledge base, the CFE credential is well known internationally in the fraud fighting community.  I expect earning the credential will be quite helpful to advance my career going forward... Personally I enjoyed very much studying for the CFE exams.  I feel being an ACFE member is very beneficial in keeping your knowledge and skills up to date as a professional investigating fraud.

What are the keys to getting the most out of your ACFE membership? 

Meeting and interacting with other ACFE member through courses, seminars, conferences etc. is in my view the best way to the most out of being an ACFE member.