Finland Tightens Bolts on Financial Crimes: Ministries Join Forces to Prevent Money Laundering and Terrorist Financing

Strengthening Defenses Against Financial Crimes

In a bid to strengthen its defenses against financial crimes, the Finnish government has mobilized several key ministries to coordinate efforts in preventing money laundering and terrorist financing. The Ministry of Finance and the Ministry of the Interior are at the forefront of this initiative, working closely with other critical ministries including Justice, Foreign Affairs, Economic Affairs and Employment, and Social Affairs and Health.

Ministries Involved

• Ministry of Finance: Primary responsibility for implementing the Anti-Money Laundering Act, crafting national regulations, and conducting risk assessments to identify potential vulnerabilities in the financial system.
• Ministry of the Interior: Collaborates with other ministries to prevent money laundering and terrorist financing.
• Other Ministries:
  • Ministry of Justice
  • Ministry of Foreign Affairs
  • Ministry of Economic Affairs and Employment
  • Ministry of Social Affairs and Health

Regulatory Framework Against Financial Crimes

The regulatory framework aimed at preventing money laundering and terrorist financing is built upon a robust foundation of national legislation, complemented by European and international directives and regulations. Finland’s Anti-Money Laundering Act serves as the cornerstone of this framework, supported by several ancillary statutes.

Key Legislation and Regulations

• Anti-Money Laundering Act: Cornerstone of Finland’s regulatory framework against financial crimes.
• EU Directives and Regulations: Translated into domestic laws and applied directly.
• FATF Recommendations: Influenced national law to harmonize anti-money laundering efforts globally.

Resources for Further Information

To better understand Finland’s stance on financial crimes prevention, readers can consult a range of resources provided by the government, including background information on money laundering and terrorist financing, frequently asked questions, and contact details for key officials such as Jaana Vehmaskoski, Director of Preventing Money Laundering and Terrorist Financing.

• Background Information: Available online.
• Frequently Asked Questions: Answer common queries related to financial crimes prevention.
• Contact Details: For key officials like Jaana Vehmaskoski.