While the Financial Action Task Force (FATF) was complimentary of Denmark's responses to detected money laundering activities such as investigations and prosecutions, they found the country lacking in proactive prevention measures.
The FATF found, in part:
- Denmark does not have a national strategy to combat money laundering and terrorist financing
- Money laundering and terrorist financing risks are not sufficiently assessed or updated
- Weak implementation of measures to mitigate risks
This report highlights the need for proactive compliance programs and strategy that may prevent money laundering activities rather than respond to them.
In almost all segments of the financial sector and many of the other businesses and professions covered by the FATF Standards, money laundering and terrorist financing risks are not sufficiently assessed or updated, and there is a weak implementation of measures to mitigate the risks. Stronger implementation needs to be complemented by a fully comprehensive set of legal requirements in line with the Standards. Fundamental improvements are also needed to implement an effective risk-based approach to AML/CFT supervision of financial institutions and most DNFBPs, with stronger powers to enforce compliance and increased supervisory action.
http://www.fatf-gafi.org/publications/mutualevaluations/documents/mer-denmark-2017.html
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