Financial Crime World

Finland Strengthens Its Framework Against Financial Crime

A Step Forward in Combating Money Laundering and Terrorist Financing

In a bid to enhance its defenses against financial crime, Finland has made significant strides since its 2019 assessment. The country’s efforts have been recognized by the Financial Action Task Force (FATF), which has upgraded its rating on several key recommendations.

Progress in Strengthening Framework Against Financial Crime

Finland has been under an enhanced follow-up process following the adoption of its mutual evaluation in 2019. As part of this process, the country was required to report back to the FATF on the actions it had taken since the assessment. The FATF has now re-rated Finland on:

  • Recommendation 34 (Guidance and Feedback): Upgraded from partially compliant to compliant.
  • Recommendations 2 (National Co-operation and Co-ordination) and 15 (New technologies): Upgraded from partially compliant to largely compliant, and downgraded from largely compliant to partially compliant, respectively.

Challenges Remain

While Finland’s progress is commendable, the country still faces challenges in meeting the requirements of other key recommendations. According to FATF, Finland now meets nine out of 40 recommendations, with:

  • 23 recommendations classified as largely compliant
  • Eight recommendations remaining partially compliant

Commitment to Staying Ahead of Emerging Threats

Finland’s commitment to strengthening its framework against financial crime is a positive step forward. The country will continue to report back to the FATF on its progress in implementing these measures, demonstrating its dedication to staying ahead of emerging threats and ensuring that its financial system remains robust and secure.

Conclusion

In conclusion, Finland’s efforts to strengthen its framework against financial crime have been recognized by the FATF. While challenges remain, the country’s commitment to ongoing improvement is a positive step forward in combating money laundering and terrorist financing.