Danish authorities are to tighten anti-money laundering laws following the recent revelations in the so-called Panama Papers. The proposal is longer prison sentences for individuals involved in financial crimes. According to the Ministry, the new law aims to raise the maximum penalty for money laundering to eight years in jail from the current six years. It also seeks to increase fines and gives the financial regulator greater scope to cancel banking licenses for repeat offenders. Under the new plan, bank managers will be required to stop money laundering. Board members overseeing companies caught breaching the law will also face punishment if they fail to intervene
