PET releases an English version national risk assessment of terrorist financing
The Danish Security and Intelligence Service (PET) releases its third National risk assessment of terrorist financing. The objective of the risk assessment is to prevent terrorist financing in Denmark and abroad.
Terrorist financing from individuals in Denmark is mainly channelled to militant Islamist groups in Syria, Iraq, Somalia and Türkiye, and, to a lesser extent, Afghanistan, Lebanon and Palestine. The funds help sustain terrorist groups and promote their activities, and the inflow of financial resources improves their capacity to carry out operations and to recruit and retain members.
The National risk assessment of terrorist financing concludes that the risk of terrorist financing is high in a number of areas, including cryptoassets, cash, high value goods, illegal value transfer systems and the nonprofit sector. In other areas, the risk of terrorist financing is significant or moderate.
The main purpose of the risk assessment is to call attention to high-risk areas by making separate assessments of the terrorist financing risk for each individual risk area. The risk assessment thereby contributes to increasing the knowledge of terrorist financing among obliged entities.
The risk assessment of terrorist financing will serve as a basis for this type of activities and for the ongoing dialogue with the authorities, obliged entities and academia.
There have been relatively few convictions for terrorist financing in the Nordic countries, but in Denmark, a number of individuals have been charged with violation of Section 114 b of the Danish Criminal Code in recent years, and several have been convicted. Generally, it may be difficult to establish, and thus provide evidence of, the financial trail through or to jurisdictions far away from Denmark, and to prove intent to finance terrorism in connection with a criminal case.
Efforts to combat and prevent money laundering and terrorist financing involve a number of authorities, trade organizations and businesses. The efforts are anchored in Denmark's 2022-2025 national strategy for preventing and combatting money laundering and terrorist financing.
PET's national risk assessment of terrorist financing should be read in conjunction with the national risk assessment of money laundering published by the Danish Financial Intelligence Unit, as well as the European Commission's supranational risk assessment of money laundering and terrorist financing.
Read the National risk assessment of terrorist financing
The National risk assessment of terrorist financing concludes that the risk of terrorist financing is high in a number of areas, including cryptoassets, cash, high value goods, illegal value transfer systems and the nonprofit sector. In other areas, the risk of terrorist financing is significant or moderate.
The main purpose of the risk assessment is to call attention to high-risk areas by making separate assessments of the terrorist financing risk for each individual risk area. The risk assessment thereby contributes to increasing the knowledge of terrorist financing among obliged entities.
More criminal cases
PET has launched a number of preventive measures, including training sessions, presentations, and awareness and training activities, and the risk assessment will be a key component of the continued work to minimize risks relating to terrorist financing.The risk assessment of terrorist financing will serve as a basis for this type of activities and for the ongoing dialogue with the authorities, obliged entities and academia.
There have been relatively few convictions for terrorist financing in the Nordic countries, but in Denmark, a number of individuals have been charged with violation of Section 114 b of the Danish Criminal Code in recent years, and several have been convicted. Generally, it may be difficult to establish, and thus provide evidence of, the financial trail through or to jurisdictions far away from Denmark, and to prove intent to finance terrorism in connection with a criminal case.
Efforts to combat and prevent money laundering and terrorist financing involve a number of authorities, trade organizations and businesses. The efforts are anchored in Denmark's 2022-2025 national strategy for preventing and combatting money laundering and terrorist financing.
PET's national risk assessment of terrorist financing should be read in conjunction with the national risk assessment of money laundering published by the Danish Financial Intelligence Unit, as well as the European Commission's supranational risk assessment of money laundering and terrorist financing.
Read the National risk assessment of terrorist financing