IMF Staff Country Reports

Denmark: Selected Issues

June 25, 2019

Download PDF

Preview Citation

Format: Chicago

Denmark: Selected Issues, (USA: International Monetary Fund, 2019) accessed November 8, 2024

Summary

Considering the Danske Bank case and in the context of a highly integrated Nordic-Baltic financial sector, this Selected Issues paper compares the money laundering (ML) threats and related supervisory vulnerabilities facing the region’s largest economies, highlights Denmark’s ongoing efforts to address those vulnerabilities, notes critical next steps, and provides recommendations aimed at maintaining the country’s current momentum for reform. The paper finds that Denmark has taken important steps to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) supervision over the last two years—including via amendments to the AML Act, a significant increase in supervisory resources, and a concomitant increase in on-site inspections—and that these steps represent relevant and necessary responses to the ML risks facing Denmark. The key is therefore to maintain and build on the momentum Denmark has already established. The skills of newly hired inspectors will take time to build, the elaboration of a comprehensive institutional risk assessment model and AML/CFT supervisory manual will take time to complete and strengthened working relationships with foreign counterparts will take time to establish and operationalize.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Economic sectors, Financial sector, International cooperation, International organization, Money laundering

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Baltics, CFT banking supervision, CFT compliance officers, CFT inspector, CFT requirements, CFT supervision, CR, Financial sector, Global, Inspection manual, International cooperation, ISCR, Money laundering

Publication Details

  • Pages:

    25

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2019/179

  • Stock No:

    1DNKEA2019002

  • ISBN:

    9781498321136

  • ISSN:

    1934-7685

You May Also Be Interested In...

Colombia: Technical Assistance Report-Report of the Diagnostic Mission on Macro-relevant Climate Change Statistics (July 17–21, 2023)

November 8, 2024

South Africa: Technical Assistance Report-Report on the Compilation of Energy and Air Emissions Accounts Mission (June 10-14, 2024)

November 8, 2024

Colombia: Technical Assistance Report-Report on the Mineral Asset Accounts and Carbon Footprints Mission (May 20–24, 2024)

November 8, 2024

Republic Of Tajikistan: Fiscal Risk Management and Transparency of State-Owned Enterprises

November 8, 2024