Finland Takes a Major Leap Forward in Beneficial Ownership Transparency

Stricter Measures Introduced to Combat Money Laundering and Promote Corporate Accountability

Helsinki, Finland - In a significant move towards curbing money laundering and promoting corporate accountability, the Finnish government has introduced stricter measures to ensure beneficial ownership transparency in the country.

Public Access to Beneficial Owner Details

According to sources at the Finnish Patent and Registration Office (PRH), details on beneficial owners of companies are now publicly available through the Trade Register. This move aims to prevent illicit activities such as money laundering and terrorist financing by allowing supervisory authorities, financial institutions, and other relevant parties to access accurate information about company ownership structures.

Defining Beneficial Owners

Under the Money Laundering Act, a beneficial owner is defined as an individual who either owns or controls a company. In most cases, this refers to the company’s owners themselves.

Accessing Beneficial Owner Information

To access the information, individuals must first register as a contract client with the PRH, which involves providing identification documents. A fee is also applicable for accessing the details on beneficial owners. The service is provided by the Finnish Patent and Registration Office, with guidance available on their website and through customer support services.

Experts Hail this Development

Experts hail this development as a major step forward in Finland’s commitment to combating financial crimes and promoting corporate accountability. As the country continues to prioritize transparency and integrity, these measures are expected to have far-reaching implications for businesses operating within the Finnish market.