Denmark’s measures to combat money laundering and the financing of terrorism and proliferation

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English

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Mutual Evaluation of Denmark - 2017

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MER-Denmark-2017.pdf
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Denmark’s measures to combat money laundering and the financing of terrorism and proliferation

Paris, 7 August 2017 - Denmark has the foundations for a sound regime to tackle money laundering and terrorist financing, but needs to improve the implementation of measures to mitigate the risks, including through better assessing those risks and enhancing national policy coordination.

The FATF conducted an Mutual Evaluation of Denmark - 2017

Denmark does not have a national strategy to combat money laundering and terrorist financing and needs to do more to properly assess and understand the risks it is exposed to. The report also recommends that Denmark enacts an independent and modern money laundering offence that criminalises self-laundering.

In almost all segments of the financial sector and many of the other businesses and professions covered by the FATF Standards, money laundering and terrorist financing risks are not sufficiently assessed or updated, and there is a weak implementation of measures to mitigate the risks. Stronger implementation needs to be complemented by a fully comprehensive set of legal requirements in line with the Standards. Fundamental improvements are also needed to implement an effective risk-based approach to AML/CFT supervision of financial institutions and most DNFBPs, with stronger powers to enforce compliance and increased supervisory action.

On the operational side, Denmark has achieved substantial level of effectiveness in the investigation and prosecution of terrorist financing and international cooperation with foreign counterparts, in particular the Nordic and Baltic countries. The report recommends that Denmark similarly prioritise the investigation and prosecution of money laundering.

Denmark demonstrated its commitment to enhance its regime to detect, prevent and punish money laundering and terrorist financing and protect the integrity of the financial system, including through recent legislative amendments that could not be reviewed as part of the assessment. These developments are welcome and the Danish authorities are encouraged to ensure an effective implementation of these new legal provisions.

This report was adopted by the FATF at its Plenary meeting in June 2017.

Download the report: 

Mutual Evaluation of Denmark - 2017

Mutual Evaluation of Denmark - 2017, Executive Summary

on Denmark's measures to combat money laundering and terrorist financing

 

More information: 

The FATF Recommendations

FATF issues new Mechanism to Strengthen Money Laundering and Terrorist Financing Compliance

Consolidated assessment ratingsan overview of ratings that assessed countries obtained for effectiveness and technical compliance.

Key findings, ratings and priority actions: