FATF: DENMARK AML/CFT EVALUATION FOLLOW-UP REPORT

On 21st November, FATF published a follow-up report saying that, as a result of Denmark’s progress in strengthening its framework to tackle money laundering and terrorist financing since its 2017 mutual evaluation, FATF has re-rated the country on 10 of the 40 Recommendations.  FATF has re-rated Denmark on the following Recommendations:

2              National cooperation and coordination from partially compliant to largely compliant

10            Customer due diligence from partially compliant to largely compliant

12           Politically exposed persons from partially compliant to compliant

15            New technologies from partially compliant to largely compliant

16           Wire transfers from partially compliant to largely compliant

17            Reliance on third parties from partially compliant to largely compliant

22            DNFBPs: Customer due diligence – from partially compliant to largely compliant

24           Transparency and beneficial ownership of legal persons – from partially compliant to largely compliant

33           Statistics from partially compliant to largely compliant

The report also looks at whether Denmark’s measures meet the requirements of FATF Recommendations that have changed since their 2017 mutual evaluation, taking into account any new measures since the mutual evaluation. The FATF has re-rated Denmark on the following Recommendation:

18 – Internal controls and foreign branches and subsidiaries from partially compliant to largely compliant

The FATF agreed to maintain the partially compliant rating for Recommendation 7 and the compliant rating for Recommendation 21.

fatf

http://www.fatf-gafi.org/publications/mutualevaluations/documents/fur-denmark-2018.html

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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