National cooperation partners
The supervision of persons and companies subjected to the Anti- Money Laundering Act is conducted and shared between the Danish Financial Supervisory Authority, the Danish Business Authority, the Gambling Authority and the Danish Bar and Law Society.
Danish Financial Supervisory Authority
The Danish Financial Supervisory Authority's (FSA) main task is to supervise financial companies. The FSA oversees that the approximately 1,600 companies and individuals subjected to the Anti- Money Laundering Act comply with the obligations prescribed by the Act. In addition, the Danish Financial Supervisory Authority and the Danish Financial Intelligence Unit collaborate on analysis products of reporting entities, which FIU Denmark prepare on the basis of reports received, cf. the Anti- Money Laundering Act § 26, subsection 1.
Danish Business Authority
The Danish Business Authority supervises the non-financial companies subjected to the Anti- Money Laundering Act. These appear in Section 1, No. 14-17 and No. 21 of the Money Laundering Act, and include, among other things, registered accountants, real estate agents, tax advisers and art dealers.
www.danishbusinessauthority.dk
Danish Gambling Authority
The Gambling Authority is the supervisory authority for all types of gambling providers, and thus also oversees money laundering with those gambling providers that are fully or partially covered by the Anti- Money Laundering Act. This helps to ensure that the gaming providers covered comply with the rules prescribed by the Anti- Money Laundering Act. All game providers established in Denmark, who offer games by either online or land-based betting, or by online or land-based casino, are subject to the supervision of the Gambling Authority. However, the Minister of Taxation has the option of exempting certain games in whole or in part from the law, cf. Money Laundering Act § 1, subsection 7.
Danish Bar and Law Society
The Bar and Law Society must supervise legal activities that are covered by the Anti- Money Laundering Act. In cases where lawyers who are covered by the Anti- Money Laundering Act § 1, subsection 1, no. 13, suspects that a transaction or activity is connected to money laundering or terrorist financing, those subject to report have the opportunity to notify the Bar and Law Society, which can thus assess whether the report should be passed on to FIU Denmark. The Bar and Law Society annually publishes a report on the reports they receive for assessment, cf. the Anti- Money Laundering Act § 26 a.
International cooperation partners
Financial Action Task Force (FATF)
The FATF is an intergovernmental cooperation on combating money laundering and terrorist financing, established under the G7 in 1989. The FATF is a global watchdog for money laundering and terrorist financing, as well as the financing of weapons of mass destruction. FATF has developed 40 standards, which more than 200 countries have committed to implementing and complying with, and the organization thus supports the global coordination of efforts. FATF continuously evaluates the individual member countries' compliance with standards and efforts. Denmark was last evaluated in 2017 and a new evaluation is expected shortly.
Egmont Group
The Egmont Group of Financial Intelligence Units (FIU) is an international organization established in 1995, which consists of more than 160 Financial Intelligence Units worldwide. Membership of the Egmont Group provides FIUs with a secure platform to exchange information with a view to preventing and combating money laundering, related underlying crimes and the financing of terrorism. In addition, the organization supports the international cooperation and sharing of knowledge between FIUs.