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Global Forum on Transparency and Exchange of Information for Tax Purposes: Denmark 2017 (Second Round)

Peer Review Report on the Exchange of Information on Request

In series:Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviewsview more titles

Published on November 17, 2017

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This report contains the 2017 Peer Review Report on the Exchange of Information on Request of Denmark.

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.