Here is the article rewritten in Markdown format with proper headings, subheadings, and bullet points:

Denmark’s Financial Watchdog Embarks on International Cooperation Efforts

In a move to strengthen its fight against money laundering (ML) and terrorist financing (TF), Denmark’s financial watchdog, the Danish Financial Supervisory Authority (DFSA), is interpreting Danish law as establishing an obligation to cooperate with European Union (EU) and European Economic Area (EEA) counterparts.

Strengthening Cooperation

Despite the absence of bilateral memorandums of understanding (MOUs) between the DFSA and its closest EU/EEA partners, the authority has been enabling key forms of cooperation. However, this arrangement is not guaranteed and may be subject to denial or delays without any breach of law, MOU, or agreement.

Limited International Supervisory Cooperation

The DFSA’s international supervisory cooperation arrangements are also limited, with only one AML/CT-pecific MOU concluded with its counterpart in Dubai. The authority has yet to conclude MOUs with local counterparts in non-EU, non-EEA countries, such as:

Australia
Brazil
Hong Kong SAR (China)
India
Russia
Singapore
Switzerland

In addition, the DFSA has not exchanged AML/CT-related information with non-EU/non-EEA counterparts or made spontaneous disclosures to/from such partners over the past three years. The authority has also not shared inspection reports with foreign counterparts, although abridged versions of those reports are published online for interested supervisory authorities.

Exploring Enhanced Cooperation

The authorities acknowledge the importance of international cooperation on AML/CT supervision and are exploring enhanced information-sharing at the national and EU levels. Denmark’s financial supervisory authorities have formed a permanent working group with their Nordic-Baltic counterparts to maintain regular contact and exchange experiences and information in combating ML.

Future Directions

There is no settled view within Denmark as to the desirability of formally integrating AML/CT supervision at the regional or sub-regional levels. The country’s government would need to make a political decision to support or pursue formal integration of AML/CT supervision with the Nordic, Nordic-Baltic, or European levels.

The authorities are considering strengthening existing structures and mechanisms for ad hoc AML/CT supervisory cooperation, consolidating off-site supervision at the regional (European) or sub-regional (Nordic-Baltic) levels, integrating AML/CT supervision at the Nordic or Nordic-Baltic levels, or integrating it among interested European partners.

Domestic Efforts

Domestically, Denmark’s authorities have taken steps to enhance cooperation by enshrining in law the role of the Money Laundering Forum (MLF), which is the primary forum for AML/CT-related cooperation within Denmark. The MLF has been established in law since 2017 and coordinates risk assessments and general measures against money laundering and terrorist financing.

The Danish government has empowered and encouraged the DFSA to make full use of both new and longstanding structures and mechanisms for international cooperation while considering more substantial changes.