Udfordringer ved implementeringen af EU’s 4. hvidvaskdirektiv: Med fokus på personselskaber

Nanna Grejs Petersen & Patrick Kim Svane Vennekilde

Student thesis: Master thesis

Abstract

The present thesis is engaged with the upcoming implementation of EU’s 4th Anti-Money Laundering Directive in Danish law and the challenges that might arise in the midst of this. During the past few years, terrorism has been a developing issue, which has resulted in the necessity for more stringent rules regarding money laundering and financing of terrorism. In the process of writing this thesis, we have experienced no less than four acts of terrorism in Europe, which confirms the necessity for more stringent rules on the matter. On these grounds, EU has presented the above-mentioned Anti-Money Laundering Directive, which must be implemented no later than July 26, 2017 in all committed countries. The Danish authorities has agreed upon this date. The purpose of this thesis is to convey an analysis on the responses, and expectations towards the upcoming implementation of EU’s 4th Anti-Money Laundering Directive in Danish Law, as well as the challenges it presents. In the analysis, we have found that the implementation of the beneficial owners in the process of customer due diligence has been implemented correctly in Danish law. This will despite correct implementation still set forward a number of challenges for the committed entities. The registration of beneficial owners and the changes in the definition of a political exposed person is the main issues discussed in the thesis. The media awareness has not been, nor is at present time, satisfactory. This leads to a conflict between committed entities and their clients. Thus, committed entities bears a large information burden, and they must justify all questions and demands towards their clients in order for them to understand the changes in the law. The results of our study shows that the effects of the excessive work with the registrations of beneficial owners and the documentation of the same is very cost-heavy, as well as the excessive work with identifying political exposed persons. The authors of this thesis are not sure that the costs corresponds with the expected results, in regards to the continuing battle against money laundering and financing of terrorism.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
LanguageDanish
Publication date2017
Number of pages121