Finland Enhances Financial Crime Risk Management Framework

Recent Developments in Combating Money Laundering and Terrorist Financing

Helsinki, Finland - Five years after a thorough assessment of its measures to combat money laundering and terrorist financing, Finland has made significant strides in strengthening its financial crime risk management framework.

Enhanced Follow-up Process

As part of an enhanced follow-up process initiated after the 2019 mutual evaluation by the Financial Action Task Force (FATF), Finland has reported back on the actions it has undertaken since then. The country’s progress has earned it a re-rating from “partially compliant” to “compliant” in the FATF’s assessment of Recommendation 34, which pertains to guidance and feedback.

Progress Against FATF Recommendations

Finland’s measures have been evaluated against several FATF Recommendations:

Recommendation 2: National Co-operation and Co-ordination

• Upgraded from “partially compliant” to “largely compliant”
• Finland has strengthened its national co-operation and coordination efforts, enhancing the effectiveness of its anti-money laundering and counter-terrorist financing regime.

Recommendation 15: New Technologies

• Downgraded from “largely compliant” to “partially compliant”
• While Finland has implemented measures to address emerging technologies, there is still room for improvement in this area.

Current Compliance Status

Currently, Finland stands at:

• Compliant with nine out of the FATF’s 40 Recommendations
• Largely compliant with 23 Recommendations
• Partially compliant with eight Recommendations

Ongoing Efforts to Maintain Compliance

As part of ongoing efforts to maintain compliance, Finland will continue to submit regular progress reports to the FATF.