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Denmark plans eightfold hike in money laundering fines

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Denmark plans eightfold hike in money laundering fines

Amid a much-publicized money-laundering scandal that has engulfed its largest lender, Denmark is said to be working on a new bill aimed at increasing fines related to the misconduct by roughly eightfold.

The planned legislation aims to require perpetrators to pay fines based on the gravity of their offense and their financial wealth, Bloomberg News reported, citing a draft published by the country's Financial Supervisory Authority.

The proposed bill will ensure that punishment for money laundering will have a targeted and preventive impact, the FSA reportedly said.

The government aims to present the new legislation to parliament in October, according to the Sept. 10 report.

The move follows allegations that Danske Bank A/S allowed large sums of illicit funds to pass through its Estonian branch between 20017 and 2015.