Greenland Introduces New Financial Crime Reporting Requirements for Businesses

In an effort to combat financial criminal activity, including terrorism and human trafficking, Greenland’s government has introduced new reporting requirements for businesses operating within its borders. These regulations are effective as of January 1, 2024, and aim to bolster the country’s anti-money laundering and combating the financing of terrorism (AML/CFT) efforts.

New Reporting Requirements

Under the new rules, most Greenland-based business entities will be required to file reports with the relevant authorities on a regular basis. This includes:

• Entities established after January 1, 2024: Submit first report within 90 days of registration
• Entities created after January 1, 2025: Have a 30-day window from date of establishment to submit first report

Purpose of the Regulations

The new regulations are designed to enhance Greenland’s financial intelligence gathering capabilities and provide critical information to law enforcement agencies in the fight against financial crime.

By implementing these measures, Greenland aims to:

• Enhance its ability to detect and prevent financial criminal activity
• Provide crucial information to law enforcement agencies in their efforts to combat financial crime
• Strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) efforts

These new regulations demonstrate Greenland’s commitment to staying ahead of financial criminals and ensuring a safe and secure environment for businesses operating within its borders.