Danish AML strategy through 2025 will involve the Danish gaming authority

In recent years, various arms of the Danish government have been participating in and helping the Ministry of Justice develop a nationwide strategy to defeat money laundering and any potential to wittingly or unwittingly assist in financing terrorism.

The Danish Gambling Authority, Spillemyndigheden issued a brief statement on 20 July announcing its intent and happiness to participate in using the strategy.

In addition to the inclusion of Spillemyndigheden in the strategy, the government also includes the Danish Business Authority, the Danish Financial Supervisory Authority, and the Bar Council as cooperators. The government strategy document is available online in Danish only (see .PDF here).

A joint ministerial press release (Danish only) lauds the advances in recent years in making it increasingly difficult to operate organized crime in the country and mentions the need to enhance and augment the current strategy that will run through 2025.

The First Pillar

The strategy is based on five pillars and will seek to implement 21 strategic objectives before the end of the period.

The Ministers have found that money laundering has become more sophisticated, complex, and lucrative for organized criminals. The government seeks, among other things, to see private actors and the authorities share, compare, and coordinate regarding the trends they see occurring.

One thing the government says must happen is an increase in tracking, identifying, and seizing the proceeds of economic crime through increased focus resulting from multilateral cooperation.

The gambling sector and non-profits are seen as areas to pay attention to along with money transfer and currency exchange companies, cryptocurrency, neo-banks, and the trade in high-value goods.

The Rest of the Strategy

Adding to the first pillar are four more including a coherent, risk-based, and targeted inspection effort; digital and technological solutions; increasing international cooperation, and finally an overall strengthening of the battle to identify, dismantle, and cripple complex crimes including organized crime.

The increase in utilizing tech and digital solutions; increased international cooperation, and cooperation between the private and public sectors are elements that have the potential to affect the gambling industry.

In the joint press release, Justice Minister Mattias Tesfaye states: “Gang criminals and international tax evaders use money laundering to disguise their illegal profits. That must be stopped.

“Economic crime goes across national borders, and the fight against economic crime goes across authorities. Therefore, the government has already taken a number of initiatives to help stop the fraud. Among other things, established a new unit in the police, which will deal with this type of special crime, and which will be at the table of a new operational cooperation with private actors in the fight against money laundering.”

The MJ went on to say there is more that must be done and that the focused and common strategy will help fight organized crime and the people behind it.

Source: Denmark promises nationwide money laundering crackdown, iGaming Business, July 20, 2022

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