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Iceland FSA Ends Bank Fraud Probe Warning Against Free Currency

Iceland completed its investigation of the financial fraud that led to the island’s 2008 collapse with the top regulator warning that the bank system is still too weak to survive a free-floating krona.

The Reykjavik-based Financial Supervisory Authority yesterday wrapped up more than four years of investigations, which included 205 cases of financial malpractice, 103 of which were referred to the prosecutors. Fines were imposed in four of the cases, while 98 were dropped.