The media says that Icelandic fishing companies are very corrupt. Much money is hidden from taxes every day and transported to Tortola and Cayman Islands. One company has been exposed to bribes and all kinds of business crimes overseas. Unfortunately, the public can't do anything. The companies have one political party in theyr pocket and many politicians in other parties. They even have the Minister of Fisheries, the Minister of Finance and the Minister of Justice in theyr pocket and maby more.
It is said that the country is on a gray list for corruption, but some would argue that a black list should be better.
The problem for this country is low levels of real democracy, and low political and business transparency.