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Denmark’s Financial Sanctions Regime: What You Need to Know

Denmark has implemented financial sanctions regimes in place, reflecting UN sanctions through EU Council Decisions and Regulations that have direct effect in the country.

Implementation of UN Sanctions

The Danish government implements UN sanctions through EU Council Decisions and Regulations. However, it does not maintain an autonomous sanctions regime, which is a separate set of sanctions issued by the European Union apart from those imposed by the United Nations.

Restrictive Measures

Denmark’s sanctions regime includes various restrictive measures such as:

  • Arms embargoes
  • Travel bans against named individuals
  • Import and export controls
  • Financial sanctions against designated individuals and entities

The country relies on the consolidated list maintained by the EU to identify sanctioned individuals and entities. There are no other lists related to sanctions in Denmark.

Obtaining Licenses and Authorizations

To obtain licenses or authorizations for exporting weapons and defense-related materials, companies can apply to the Minister of Justice. The Ministry of Foreign Affairs is responsible for coordinating the implementation of export controls, while applications for authorizations regarding dual-use items can be made to the Danish Business Authority.

Consequences of Non-Compliance

Any breach of sanctions in Denmark can result in severe consequences, including:

  • Fines
  • Imprisonment

According to the Danish Criminal Code, individuals and corporate entities that contravene provisions or prohibitions related to UN and EU obligations may face a fine and/or up to four years’ imprisonment. Non-compliance with export authorization requirements can also lead to criminal penalties, including fines and/or up to two years’ imprisonment.

Relevant Regulators

For companies operating in Denmark, it is essential to understand the relevant regulators and their contact details:

  • Ministry of Foreign Affairs: responsible for implementing export controls
  • Danish Business Authority: oversees provisions related to freezing and international export controls on dual-use items
  • Danish Custom-house Authorities: regulate imports, exports, and transportation of certain goods, such as gold, diamonds, petroleum, and luxury items
  • Ministry of Justice: handles arms embargoes
  • National Police of Denmark and the Ministry of Foreigners and Integration: responsible for travel bans

Important Note

It is crucial to note that while this information aims to provide a comprehensive overview of Denmark’s financial sanctions regime, it should not be considered legal advice. Companies operating in Denmark should consult with relevant authorities and legal experts to ensure compliance with all applicable laws and regulations.