Financial Crime World

Title: Danish Financial Sector Tackles Money Laundering and Terrorist Financing: Recommendations from Finance Denmark’s Anti-Money Laundering Task Force

Background

Financial crime, particularly money laundering and terrorist financing, have gained significant attention in recent years. In response, Finance Denmark, the Danish financial industry association, pledged to make its sector a global leader in detecting and combating these crimes. The association’s 2018 annual meeting marked the commitment to enhancing the sector’s collective capability. To provide a roadmap for industry-wide progress, the Danish Anti-Money Laundering (AML) Task Force was established.

Mandate

The mission of the Danish AML Task Force was to explore and recommend ways for the financial industry to augment its response to money laundering and terrorist financing using collaborative initiatives. The Task Force comprised representatives from major Danish banks, as well as four external experts.

Key Recommendations: A New Approach

After a year of intensive investigations, the Danish AML Task Force presents 25 comprehensive recommendations to strengthen the financial sector’s efforts against money laundering and terrorist financing. Among these proposals are the following:

Stronger Partnerships with Authorities

  • Create a Danish Joint Anti-Money Laundering and Counter-Terrorist Financing Intelligence Unit
  • Serve as a confidential information exchange platform for financial crimes
  • Enable authorities and the financial sector to work together more effectively

Joint IT Solutions

  • Develop a joint industry utility for data collection, verification, storage, and sharing
  • Streamline the sector’s AML/CTF procedures
  • Create powerful, data-driven solutions to prevent financial crime

By implementing these recommendations, Denmark’s financial sector aims to lead the global fight against money laundering and terrorist financing. Finance Denmark’s AML Task Force envisions ongoing constructive dialogue about the future of this crucial issue within the sector and society at large.

Key Recommendations:

  • Stronger Partnerships with Authorities
    • Create a Danish Joint Anti-Money Laundering and Counter-Terrorist Financing Intelligence Unit
    • Enable confidential information exchange on financial crimes
    • Foster effective collaboration between authorities and the financial sector
  • Joint IT Solutions
    • Establish a joint industry utility for data collection, verification, storage, and sharing
    • Streamline AML/CTF procedures
    • Utilize data-driven solutions to prevent financial crime

Positioning Denmark’s financial sector at the forefront of the global fight against money laundering and terrorist financing.