Denmark

New Documents

Per Callesen, Governor of the National Bank of Denmark, spoke at the Europa Think Tank webinar focusing on whether the European Union should launch the digital euro.

The Council of Europe Group of Experts on Action against Trafficking in Human Beings published its third evaluation round report on access to justice and effective remedies for victims of trafficking in human beings in Denmark.

Enforcement Actions

The Danish Gambling Authority assessed that the Herning, Denmark-based online casino neglected to update its anti-money laundering and counterterrorist financing program to ensure that it includes identification, assessment and analysis of risk factors.

Danish gambling regulator Spillemyndigheden ordered the Ta’Xbiex, Malta-based gambling operator to fix its anti-money laundering procedures in order to comply with the requirements in sections 25(1) and 26(1) of the Danish 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 : 132/141
Score : 3.46/10

TRANSPARENCY INTERNATIONAL i

Rank : 1/179
Score : 88/100

Tax Justice Network i

Rank : 97/133
Score : 45/100