The Serious Fraud Office is sending a team of investigators to Iceland to help "get to the bottom" of whether there were any criminal intentions in the country's collapsed banks, which had extensive links with London. . .

The SFO also met yesterday with Eva Joly, a French corruption expert and judge brought in as a consultant to the Icelandic government, who believes that the criminal investigation is likely to be the biggest Europe has ever known. More than 30 house searches have been conducted in Iceland and 60 people hauled in for questioning.

But Ms Joly said the FSA and other British authorities must also bear some shared blame for failure to regulate the Icelandic banks properly.

"The UK in my opinion has a responsibility for not controlling Icelandic banks, like Icesave, that were operating here," she said. "They were given some warnings about the banks and they did not do anything. This to my mind has been very harmful."  11-Sep-09.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6176193/SFO-to-investigate-possible-criminal-intentions-in-Icelands-collapsed-banks.html