Denmark’s progress in strengthening measures to tackle money laundering and terrorist financing

Follow-Up Report Denmark 2018

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Paris, 21 November 2018 –  As a result of Denmark’s progress in strengthening its framework to tackle money laundering and terrorist financing since their 2017 mutual evaluation, the FATF has re-rated the country on 10 of the 40 Recommendations.

Denmark has been in an enhanced follow-up process, following the adoption of the FATF mutual evaluation, which assessed the effectiveness of Denmark’s anti-money laundering and counter-terrorist financing (AML/CFT) measures and the country’s compliance with the FATF Recommendations. In line with the FATF Procedures for mutual evaluations, Denmark has reported back to the FATF on the progress it has made to strengthen its AML/CFT framework.

This report analyses Denmark’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report.   

To reflect this progress, the FATF has re-rated Denmark on the following Recommendations:

2 – National cooperation and coordination from partially compliant to largely compliant

10 – Customer due diligence from partially compliant to largely compliant

12 – Politically exposed persons from partially compliant to compliant

15 – New technologies from partially compliant to largely compliant

16 –Wire transfers from partially compliant to largely compliant

17 – Reliance on third parties from partially compliant to largely compliant

22 – DNFBPs: Customer due diligence – from partially compliant to largely compliant

24 – Transparency and beneficial ownership of legal persons  - from partially compliant to largely compliant

33 – Statistics from partially compliant to largely compliant

The report also looks at whether Denmark’s measures meet the requirements of FATF Recommendations that have changed since their 2017 mutual evaluation, taking into account any new measures since the mutual evaluation. The FATF has re-rated Denmark on the following Recommendations:

18 – Internal controls and foreign branches and subsidiaries from partially compliant to largely compliant

The FATF agreed to maintain the partially compliant rating for Recommendation 7 and the compliant rating for Recommendation 21.  

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