IDEAS home Printed from https://ideas.repec.org/p/imf/imfscr/2019-179.html
   My bibliography  Save this paper

Denmark: Selected Issues

Author

Listed:
  • International Monetary Fund

Abstract

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.

Suggested Citation

  • International Monetary Fund, 2019. "Denmark: Selected Issues," IMF Staff Country Reports 2019/179, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2019/179
    as

    Download full text from publisher

    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=47026
    Download Restriction: no
    ---><---

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:imf:imfscr:2019/179. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Akshay Modi (email available below). General contact details of provider: https://edirc.repec.org/data/imfffus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.