The new Denmark national strategy for the prevention of money laundering and combatting terrorist financing has been collaborated on by the institutions that make up the national gambling authority.
Strengthening coordination and cooperation is needed
According to the national gambling authority, Spillemyndigheden, as well as the gaming industry, actively contributed to the creation of the new national anti-money laundering (AML) and CTF strategy that was recently announced by the Ministry of Justice.
The Ministry of Justice revealed that it collaborated with two other ministries, industry organizations and private actors to create a new national strategy to fight money-laundering and terrorist financing. 21 strategic objectives were set for the same period as a result of the collaboration.
Discussing the new strategy at the time, Justice Minister Mattias Tesfaye said that money laundering facilitates criminals and tax evaders in disguising illegal profits, and is an issue that goes beyond national borders and one national authority, requiring coordination among institutions and cooperation with private actors.
The establishment of a new police unit to deal with this type of crime, as well as coordinating efforts with private organizations, has already been done by the authorities.
The new strategy is an important initiative that we can use in a more focused fight against organized crime, as well as the people behind it.
There are five main areas of focus
The strategy focuses on five main areas where more needs to be done to prevent money laundering and terrorist financing, including close cooperation between authorities and private actors, coherent, risk-based and targeted supervision, implementation of new digital and technological solutions, strengthening international cooperation, and intensifying the fight against complex and
The country’s gambling watchdog, which has been relatively soft with incumbents, issuing warnings and even reporting violators to the police, is adamant that the new strategy will become an important part of its regulation and oversight.
In response to strong criticism from the Financial Action Task Force, the country came up with its first national strategy in the field of preventing money-laundering and terrorist financing.
The country was reprimanded by the financial watchdog for not having a strategy for Anti-Money Laundering and Counter-Financing in place. The country became an active participant in the international forums. Out of the 40F recommendations, 38 have been acted upon by the Danes.
Denmark’s national gambling authority, Spillemyndigheden, has announced that it has been among the institutions which collaborated on the new national strategy for the prevention of money laundering and combatting terrorist financing (CTF). The strategy was recently announced by the Ministry of Justice and is set to run until 2025.