April 7, 2017 / 12:39 PM / in 2 years

Denmark plans to toughen penalties for money laundering

COPENHAGEN (Reuters) - Denmark’s government aims to raise the maximum penalty for money laundering to eight years in prison from the current six years, Justice Minister Soren Pape Poulsen told lawmakers on Friday.

The right-wing minority government would now negotiate with other parties to win support for the proposal, which includes tighter regulation and control of the banking sector.

“Such crimes weaken public confidence in the financial industry,” Pape Poulsen told a parliamentary committee.

The Danish Financial Supervisory Authority (FSA) and the State Prosecutor for Serious Economic and International Crime have recently investigated several suspected case of money laundering.

Reporting by Erik Matzen; editing by Terje Solsvik/Mark Heinrich

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