• Foreign Affairs
  • Money Matters
  • Domestic Affairs
  • IT, Innovation and Startups
 

Talk Finance

£$$€№₮IAL €¢¤₦¤MI¢ №€₩$
  • Foreign Affairs
  • Money Matters
  • Domestic Affairs
  • IT, Innovation and Startups

Talk Finance

  • Foreign Affairs
  • Money Matters
  • Domestic Affairs
  • IT, Innovation and Startups

In Money Matters

Denmark to make money laundering fines eight times larger

30th June 2018

Denmark to make money laundering fines eight times larger Pin It

A parliamentary majority supports making fines on financial institutions found guilty of money laundering eight times larger.

The measure means Denmark will likely have the strictest punishments in Europe for the offence, businesses minister Rasmus Jarlov said.

The agreement came after the release on Wednesday by Danske Bank, the country’s largest lender, of details of an internal investigation into money laundering at its Estonian branch.

“We have been working on this agreement for a while, but have been waiting for the outcome of Danske Bank’s investigation today, but of course there has been a lot of background work on this,” Jarlov said Wednesday.

A bank that earns 1.5 billion kroner from money laundering would face fines of between 24 and 30 billion kroner, a significant increase on a fine of around three billion kroner, which would be given under existing rules.

But the updated regulations will not be applied to Danske Bank in the ongoing case.

“It is clear that when we make new laws, they apply to future cases,” Jarlov said.

“Money laundering laws have not been strict enough until now. That’s why we’re tightening them today. We have a mutual responsibility for this in parliament,” the minister added.

Parliament’s financial settlement committee, in which all parties excepting the Alternative and Red-Green Alliance are represented, agreed to support the new regulation.

“For the Socialist People’s Party, it is very important that we have some of the toughest and strictest rules in Europe and that we ensure much better whistleblowing than there is today,” Socialist People’s Party businesses spokesperson Lisbeth Bech Poulsen said.

Morten Bødskov, of the Social Democrat party, who chairs parliament’s business and export committee, said his party considered it important that fines were “not just made steeper, but significantly steeper”.

Share

No Comments

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Previous Post

EU's Barnier open to…

In Domestic Affairs

EU's Barnier open to brief extension of Brexit talks

View Post

Next Post

First zero-gravity plane launches from…

In IT, Innovation and Startups

First zero-gravity plane launches from Swiss soil

View Post

In Domestic Affairs

Brexit causes a massive HR re-distribution among financial specialists

View Post

In IT, Innovation and Startups

Jack Ma considers divestment from ANT Group

View Post

In IT, Innovation and Startups

NVidia will not abandon the plan to acquire ARM

View Post

In Money Matters

Amazon may become 6th largest supermarket chain

View Post

Newsletter

Latest News

View

British flower delivery service acquires a competing Dutch service

23rd April 2021

View

Economic activity indicator is the highest in 27 years

23rd April 2021

Boris Johnson

View

Dyson tax case may vacuum out several MPs and PM

22nd April 2021

View

Sleepy Joe turns out to be Speedy Joe, according to Richard Koo

21st April 2021

Allow us to introduce ourselves

Talk-Finance.co.uk, the analytic media. We are focused on the fresh business, M&A and financial data. We pay attention to the interesting new projects and startups while not letting the whole picture to let unnoticed.

  • Investing.com
  • Runch.co.uk

Sign Up for Our Newsletter

Our friendly crew

  • Matthew Patridge, the chief Editor
  • Chris Kimble, the managing Editor
  • Matthew Weller, webmaster&technical stuff
  • Charles Sizemore, author
  • David Stevenson, author
  • Helen Rush, author

Contact us by [email protected]

© 2019 Talk Finance - All Rights Reserved. [email protected]