Money Laundering and Terror Financing
The Danish Business Authority has the supervisory duty with the non-financial undertakings there are subject to the Anti-Money Laundering Act.
The Anti-Money Laundering Act defines money laundering as:
- unlawfully accepting or acquiring for oneself or others a share in profits or funds obtained by a punishable violation of the law,
- unlawfully concealing, keeping, transporting, helping with the disposal of or in a similar manner subsequently assisting in securing the profits or funds of a punishable violation of the law, or
- attempting to commit or contribute to such actions.
Terror Financing is understood as activities, where the purpose is financial support for a person or association intending to commit acts of terrorism. The funds can be obtained both legally and illegally.
Our supervision with The Anti-Money Laundering Act
The Danish Business Authority has the supervisory duty with the non-financial undertakings such as:
15) Auditors and audit firms approved under the Danish Act on Approved Auditors and Audit Firms.
16) Realtors and real estate companies.
17) Undertakings and persons who otherwise commercially supply the same services as the groups of persons mentioned in nos. 14-16, including auditors not authorized in accordance with the Danish Act on Approved Auditors and Audit Firms, tax advisors and external accountants.
18) Providers of services for undertakings, cf. section 2, no. 12.
22) Undertakings and persons, commercially storing, trading or acting as intermediaries in the trade of works of art, including when this is carried out by art galleries and auction houses, where the value of the transaction or a series of linked transactions amounts to DKK 50.000 or more.
Other supervisory authorities
The Art Dealing Sector
As of January 10th, 2020, part of The Art Dealing Sector is subject to the Anti-Money Laundering Act.
You are responsible for knowing and complying with all the requirements of the Money Laundering Act!