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Denmark’s Financial Regulatory Bodies Under Scrutiny: 2021 Follow-Up Report

The financial regulatory bodies in Denmark have been evaluated by the Financial Action Task Force (FATF) on their implementation of anti-money laundering and combating terrorist financing measures. The ratings reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Assessment Results

Here are the assessment results:

  • Assessing Risk and Applying Risk-Base Approach: Largely Compliant (LC)
  • National Cooperation and Coordination: Largely Compliant (LC)
  • Money Laundering Offence: Largely Compliant (LC)
  • Confiscation and Provisional Measures: Largely Compliant (LC)
  • Terrorist Financing Offence: Compliant (C)

Specific Areas of Compliance

Here are the specific areas where Denmark has achieved compliance:

  • Politically Exposed Persons: Compliant (C)
  • Reporting of Suspicious Transactions: Compliant (C)
  • Tipping-Off and Confidentiality: Compliant (C)
  • DNFBPs: Customer Due Diligence: Largely Compliant (LC)
  • DNFBPs: Other Measures: Largely Compliant (LC)
  • Transparency and Beneficial Ownership of Legal Persons: Largely Compliant (LC)
  • Regulation and Supervision of Financial Institutions: Largely Compliant (LC)
  • Financial Intelligence Units: Largely Compliant (LC)

Areas Requiring Improvement

Here are the areas where Denmark has room for improvement:

  • Correspondent Banking: Partially Compliant (PC)
  • New Technologies: Partially Compliant (PC)
  • Responsibilities of Law Enforcement and Investigative Authorities: Compliant (C)

Overall Assessment

The overall assessment shows that Denmark’s financial regulatory bodies are largely compliant with the FATF Recommendations, with a few areas requiring improvement. The country has made significant progress in implementing anti-money laundering and combating terrorist financing measures.

Conclusion

Denmark’s financial regulatory bodies have demonstrated a commitment to combating money laundering and terrorist financing. While there is room for improvement in certain areas, the overall assessment indicates that Denmark is largely compliant with international standards.