Bankers face prison as Denmark gets tough on money laundering

‘Danish authorities are to tighten anti-money laundering laws following the recent revelations in the so-called Panama Papers. The proposal is longer prison sentences for individuals involved in financial crimes.
The Panama Papers investigation last year uncovered that around 500 banks worldwide might have aided tax evasion by helping customers create offshore companies in tax havens.
Governments have since tightened the requirements for lenders to report cross-border transactions as part of a stepped-up effort to curb money laundering.
“We will not accept this in Denmark,” Business Minister Brian Mikkelsen told broadcaster TV2, after reaching an agreement with representatives of the governing coalition and the opposition.
He added that Denmark’s Justice Department will make sure finance industry employees involved in money laundering “won’t just risk losing their jobs, they’ll face relatively long prison sentences.”’
Read more: Bankers face prison as Denmark gets tough on money laundering