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Denmark’s progress in strengthening measures to tackle money laundering and terrorist financing

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Since the 2017 assessment of Denmark’s measures to tackle money laundering and terrorist financing, and its 2018 and 2019 follow-up reports, the country has taken a number of actions to strengthen its framework.

Denmark has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2017 . In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since its last follow-up report, in November 2019 . Consequently, to reflect Denmark’s progress, the FATF has now re-rated the country on the following Recommendations:

6 – Targeted financial sanctions – terrorism & terrorist financing, from partially compliant to largely compliant
7 – Targeted financial sanctions – proliferation, from partially compliant to largely compliant
8 – Non-profit organisations,from partially compliant to largely compliant
25 – Transparency & Beneficial ownership of legal arrangements, from partially compliant to largely compliant
26 – Regulation and supervision of financial institutions, from partially compliant to largely compliant

The report also looks at whether Denmark’s measures meet the requirements of FATF Recommendation 15 (New technologies), which changed since their 2019 progress report. The FATF agreed to downgrade the rating to partially compliant. Denmark has addressed some of the deficiencies identified and met some of the new criteria of R.15, but moderate deficiencies remain. Today, Denmark is compliant on 6 of the 40 Recommendations and largely compliant on 32 of them. It remains partially compliant on 2 Recommendations.

Denmark will continue to report back to FATF on its progress.

More on:

Follow Up Report Denmark – 2019

Follow-Up Report Denmark  – 2018

Mutual Evaluation of Denmark – 2017

Follow Up Report Denmark 2021 Download pdf ( 484kb)

This news item was originally published by the The Financial Action Task Force (FATF). For more information, please see the Source Link.

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