Law Amending The Law On Prevention Of The Laundering Of Proceeds And The Financing Of Terrorism And The Financial Business Act (Money Transfers Between Denmark And The Faroe Islands)

Original Language Title: Lov om ændring af lov om forebyggende foranstaltninger mod hvidvask af udbytte og finansiering af terrorisme og lov om finansiel virksomhed(Pengeoverførsler mellem Danmark og Færøerne)

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=117383

Law amending the law on prevention of the laundering of proceeds and the financing of terrorism and the financial business Act

(Money transfers between Denmark and the Faroe Islands)

WE, MARGRETHE the SECOND, by the grace of God Queen of Denmark, do indeed:

The Danish Parliament has adopted and we know Our consent confirmed the following law:

§ 1

The law on prevention of the laundering of proceeds and the financing of terrorism, referred to in article 6. lovbekendtgørelse nr. 442 of 11. May 2007, shall be amended as follows: 1. In article 16, paragraph 1, the words ' without prejudice to article. However, paragraphs 2 and 3. ' is replaced by: ' without prejudice to article. However, paragraphs 2, 3 and 5. '

2. In article 16, paragraph 2, the term ' domestic credit transfers ' to: ' money transfers within Denmark and between Denmark and the Faroe Islands '.

3. In article 16, paragraph 2, no. 2, the words ' this law and ' to: ' this law or equivalent rules for Faroe Islands and '.

4. section 16 (3) shall be replaced by the following: ' (3). The requirements for the information that must accompany a money transfer, see. Article 5 of the regulation, shall not apply to transfers of funds to non-profit organisations, when 1) the amount transferred does not exceed 150 EUR, 2) transfer is carried out within or between Denmark and the Faroe Islands, Denmark 3) organization is subject to financial reporting and 4) your organization is subject to public oversight or external audits that have been carried out by a State-authorised or registered auditor. "

5. In section 16 shall be inserted following paragraph 5: ' paragraph 5. The rules that apply to transfers of funds within Denmark according to this regulation, shall apply mutatis mutandis for money transfers between Denmark and the Faroe Islands. '

§ 2

In the financial business Act, see. lovbekendtgørelse nr. 1413 by 10. December 2007, as amended by section 4 of Act No. 219 of 5. April 2008, shall be amended as follows: 1. In article 360, paragraph 2, shall be inserted after ' law on preventive measures against the laundering of proceeds and financing of terrorism ': ' and § 3, paragraph 2, of the law of the Faroe Islands of information that must be included on the payer for transfers of funds '.

2. In section 361 (1). 22, shall be inserted after ' section 16, paragraph 4, ': ' and the law of the Faroe Islands of information that must be included on the payer for transfers of funds, § 3, paragraph 2 '.

§ 3 the Minister for economic and Business Affairs establishes the time of the entry into force of the Act.

section 4 of the Act does not apply to the Faroe Islands and Greenland but may by Royal Decree in whole or in part, be in force for the Faroe Islands and Greenland with the variances, as the special Faroese and Greenlandic conditions warrant.

Given at Christiansborg Palace, on 17 March. June 2008 Under Our Royal hand and Seal MARGRETHE r./Bendt Bendtsen