SUMMARY OF THE REPORT

The second round peer review concludes that Denmark is Largely Compliant with the international standard on transparency and exchange of information upon request. Legal ownership and accounting information is available in Denmark, in line with the international standard. However, ambiguities in Danish law relating to beneficial ownership information need to be clarified with additional guidelines or interpretive materials. Additionally, oversight of registration and record-keeping requirements over the review period was not sufficiently rigorous. Accordingly, Denmark has been recommended to ensure that legal provisions on beneficial ownership are in line with the standard and adequately monitored. Further, although Denmark’s AML framework is in place, supervision of banks has been extremely weak, despite the size and importance of the Danish banking sector. Therefore, Denmark has been recommended to more strenuously supervise its banking sector. In terms of exchange of information, the Danish tax authority has the appropriate access powers and has been exchanging information to the satisfaction of peers.