Anti-money laundering—Denmark—Q&A guide [Archived, 2020 edition]

The following Corporate Crime practice note provides comprehensive and up to date legal information covering:

  • Anti-money laundering—Denmark—Q&A guide [Archived, 2020 edition]
  • 1. Identify your jurisdiction’s money laundering and anti-money laundering (AML) laws and regulations. Describe the main elements of these laws.
  • 2. Describe any specific powers to identify proceeds of crime or to require an explanation as to the source of funds.
  • 3. Which government entities enforce your jurisdiction’s money laundering laws?
  • 4. Can both natural and legal persons be prosecuted for money laundering?
  • 5. What constitutes money laundering?
  • 6. Is there any limitation on the types of assets or transactions that can form the basis of a money laundering offence?
  • 7. Generally, what constitute predicate offences?
  • 8. Are there any codified or common law defences to charges of money laundering?
  • 9. What is the range of outcomes in criminal money laundering cases?
  • More...

Anti-money laundering—Denmark—Q&A guide [Archived, 2020 edition]

This Practice Note contains a jurisdiction-specific Q&A guide to anti-money laundering in Denmark published as part of the Lexology Getting the Deal Through series by Law Business Research (published: April 2020).

Authors: Kammeradvokaten/Poul Schmith—Louise Buchter

1. Identify your jurisdiction’s money laundering and anti-money laundering (AML) laws and regulations. Describe the main elements of these laws.

The Danish anti-money laundering rules are found in Consolidated Act No. 380 of 2 April 2020 on preventive measures against money laundering and the financing of terrorism (the Act on Money Laundering).

The Act implements the Fourth and Fifth EU AML Directives. The Fifth AML Directive is not based on implementing the 2012 recommendations of the Financial Action Task Force (FATF), and as such it is the first time that the European Union has adapted individual measures.

The Danish parliament reached three political agreements regarding AML-related issues on June 2017, September 2018 and March 2019, respectively. The most recent agreement focuses, among other things, on strengthening the role of the Financial Supervisory Authority (FSA) by allocating more resources to it to allow for more progressive supervision and to intensify inspections. The agreement includes new legislation on broader authority for the FSA to impose financial sanctions for violating the Act on Money Laundering, as well as strengthening the notification requirements for financial institutions to inform the FSA of circumstances of

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