Financial Crime World

Finland Tightens Banking Regulations to Prevent Financial Crime

New Measures to Combat Money Laundering and Terrorist Financing

Helsinki, Finland - The Finnish government has taken a significant step in strengthening its fight against financial crime by reinforcing banking regulations aimed at preventing money laundering and terrorist financing.

Collaborative Approach to Prevention

The Ministry of Finance and the Ministry of the Interior are leading the charge in implementing these measures. They will work closely with other key stakeholders, including:

  • Ministry of Justice: To ensure a comprehensive approach is taken to preventing financial crime.
  • Ministry for Foreign Affairs: To address international aspects of money laundering and terrorist financing.
  • Ministry of Economic Affairs and Employment: To identify potential vulnerabilities in Finland’s financial system.
  • Ministry of Social Affairs and Health: To understand the social implications of financial crime.

Oversight and Coordination

The Ministry of Finance has been entrusted with overseeing the implementation of the Anti-Money Laundering Act, as well as coordinating international instructions and regulations issued by:

  • Financial Action Task Force on Money Laundering (FATF): To ensure Finland’s compliance with international standards.
  • European Union: To align Finnish regulations with EU laws and recommendations.

The ministry will also conduct national risk assessments to identify potential vulnerabilities in Finland’s financial system.

Range of Measures to Prevent Financial Crime

The government has introduced a range of measures aimed at preventing money laundering and terrorist financing, including:

  • Legislation: To provide a legal framework for combating financial crime.
  • Directives: To guide the implementation of anti-money laundering regulations.
  • Regulations: To ensure compliance with international standards and EU laws.

These regulations are based on EU laws and international recommendations from FATF, which provide a framework for countries to combat financial crime.

Commitment to Financial Security

“We take the threat of financial crime very seriously in Finland,” said Jaana Vehmaskoski, Director of Preventing Money Laundering and Terrorist Financing at the Ministry of Finance. “Our goal is to ensure that our financial system remains safe and secure for both Finnish citizens and international investors.”

Resources for the Public

The government has made information available to the public on its website, including:

  • Background information: On money laundering and terrorist financing.
  • Frequently asked questions: To address common concerns.
  • Contact details: For those who require further assistance.

For more information, please contact Jaana Vehmaskoski at [email address] or Maarit Pihkala, Senior Ministerial Adviser.