Greenland Takes Major Step in Fight Against Money Laundering
The European Commission has given Greenland, a self-governing territory within the Kingdom of Denmark, the green light to implement its own system for monitoring and preventing money laundering. This decision comes after Greenland completed its application for derogation from EU regulations on information accompanying transfers of funds.
Adequate Legislation in Place
According to the Commission’s decision, Greenland has demonstrated that it has in place adequate legislation and regulations to prevent money laundering and terrorist financing. The territory has implemented laws and measures similar to those required by the EU’s Anti-Money Laundering Directive, including provisions for financial penalties against entities or persons listed by the United Nations or the European Union.
Compliance with EU Regulations
Greenland’s payment services providers will now be required to apply the same rules as those established under EU regulations, thereby fulfilling the criterion set out in Article 17(1)(c) of Regulation (EC) No 1781/2006. The territory has also incorporated provisions similar to those of the EU regulation into its own legal order.
Data Protection Compliance
In addition, Greenland will be required to ensure compliance with the EU’s Data Protection Directive and in particular Articles 25 and 26. This means that any agreements entered into by Denmark and Greenland must respect the fundamental rights of individuals to data protection.
Impact on Fight Against Money Laundering
The decision is seen as a major step forward in the fight against money laundering in Greenland, which has been working closely with the European Commission to strengthen its financial regulations. The move is also expected to improve transparency and cooperation between Greenland’s financial institutions and those in Denmark and other EU countries.
Key Takeaways
- Greenland has received approval from the European Commission to implement its own system for monitoring and preventing money laundering.
- The territory has demonstrated adequate legislation and regulations to prevent money laundering and terrorist financing.
- Greenland’s payment services providers will be required to comply with EU regulations, ensuring similar rules across the region.
- Compliance with the EU’s Data Protection Directive is also a requirement of this decision.