Denmark

New Documents

Spillemyndigheden, the Danish Gambling Authority, announced that the Ministry of Justice released a new national strategy to prevent and combat money laundering and terrorist financing.

On June 21, 2022, the Danish Gambling Authority reported Tipwin Limited for breaches of anti-money laundering provisions regarding its obligation to carry out risk assessments, policies, business procedures, supervision, and staff training related to its sale of gambling products.

News

Enforcement Actions

Spillemyndigheden, the Danish Gambling Authority, reprimanded the Swieqi, Malta-based entity for breaching the Anti-Money Laundering Act with respect to the rules on identification and risk assessment.

Spillemyndigheden, the Danish Gambling Authority, reprimanded the Copenhagen, Denmark-based entity and ordered it to update its risk assessment processes under the Anti-Money Laundering Act.


Important Facts

  • The U.S. State Department characterizes Denmark as a monitored jurisdiction. The Kingdom of Denmark is neither a major international financial center nor a center for significant financial crimes. Money laundering is generally related to foreign criminal activity, including the sale of illegal narcotics, specifically cocaine, heroin and amphetamines. Outlaw motorcycle gangs have been involved in a range of criminal activity including narcotics-related offenses, smuggling of goods and various financial crimes. No indications of trade-based money laundering exist related to drug trafficking in Denmark and public corruption is virtually non-existent. Denmark is geographically vulnerable as a transit country for smuggling into Sweden and Norway.
  • KYC Covered Entities: Banks, electronic money institutions, and currency exchanges; insurance brokers and intermediaries; pension and mutual funds; securities brokers and dealers; portfolio, asset, and capital managers; financial leasing and factoring entities; issuers and processors of credit cards, traveler’s checks, and money orders; accountants and auditors; real estate agents; trust and company service providers; attorneys; real estate agents; and casinos
  • STR Covered Entities:  Banks, electronic money institutions, and currency exchanges; insurance brokers and intermediaries; pension and mutual funds; securities brokers and dealers; portfolio, asset, and capital managers; financial leasing and factoring entities; issuers and processors of credit cards, traveler’s checks, and money orders; accountants and auditors; real estate agents; trust and company service providers; attorneys; real estate agents; and casinos
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 6 High : 0
Largely Compliant : 32 Substantial : 3
Partially Compliant : 2 Moderate : 6
Non-Compliant : 0 Low : 2

Denmark's technical compliance was re-rated in a Feb. 16, 2021 follow-up report.

BASEL i

Rank : 8/110
Score : 3.46/10

TRANSPARENCY INTERNATIONAL i

Rank : 1/179
Score : 88/100

Tax Justice Network i

Rank : 97/133
Score : 45/100