Finland Enhances Transparency in Financial Sector through Beneficial Ownership Disclosure

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Strengthening Anti-Money Laundering Measures

Finland has taken a decisive step to boost transparency in its financial sector by mandating companies to disclose their beneficial owners. This move aims to combat money laundering, terrorist financing, and corrupt practices.

Key Features of the New Regulations

Beneficial Owner Registration: All Finnish companies must register details of their beneficial owners with the Trade Register, maintained by the Finnish Patent and Registration Office (PRH).
Required Information: Registered information includes date of birth, nationality, municipality of residence, extent of ownership, and voting rights.
Access to Beneficial Owner Details: PRH provides extracts on beneficial owners to parties intending to use the details in accordance with the Act on Money Laundering.

Availability and Pricing of Extracts

Publicly Available: Not all information is publicly available; a charge applies for access.
Document Order or Virre Service: Extracts can be obtained as a document order or through the PRH’s Virre Information Service for contract clients.
Charges: Prices vary depending on language (€7 to €29.76) and user type.

Special Requirements for Companies with No Beneficial Owners

In cases where no beneficial owners are identified, the board of directors, general partners, managing director, or equivalent individuals are considered beneficial owners.
PRH verifies the identity of individuals requesting extracts on beneficial owners to ensure compliance and prevent misuse.

Conclusion

The Finnish government’s move towards enhancing transparency in its financial sector is a significant step forward. By aligning with international standards and best practices, Finland demonstrates its commitment to combating money laundering, terrorist financing, and corrupt practices.