Financial Crime World

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Finland Tightens Financial Crime Reporting Obligations

In an effort to combat money laundering and terrorist financing, Finland has strengthened its financial crime reporting obligations. The country’s Ministry of Finance is responsible for developing legislation aimed at preventing these crimes.

EU Directives and Regulations

The European Union (EU) has implemented several directives and regulations aimed at combating money laundering and terrorist financing. These include:

  • Directive (EU) 2018/843: This directive amends the previous directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
  • Regulation (EU) 2015/847: This regulation obliges providers to notify the FIN-FSA of shortcomings identified by them in information accompanying funds transfers. The notifications are sent to the FIN-FSA via email at maksuntiedot(at)fiva.fi.

National Legislation

Finland has also implemented its own legislation aimed at preventing financial crimes. Some key laws include:

  • Act on Preventing Money Laundering and Terrorist Financing (444/2017): This act sets out Finland’s obligations in this regard.
  • Act on Financial Intelligence Unit (445/2017): This act establishes the country’s financial intelligence unit, which is responsible for analyzing and disseminating information related to money laundering and terrorist financing.
  • Act on the Bank and Payment Accounts Control System (571/2019): This act sets out the requirements for banks and payment service providers to implement measures aimed at preventing money laundering and terrorist financing.
  • Act on Virtual Currency Providers (572/2019): This act regulates the provision of virtual currencies in Finland.

Reporting Obligations

Financial institutions in Finland are required to report any suspicious transactions or activities to the FIN-FSA. The regulator has also issued guidelines and regulations for financial institutions to follow when implementing anti-money laundering and counter-terrorist financing measures.

Penalties for Non-Compliance

The Penal Code (39/1889) sets out penalties for non-compliance with Finland’s financial crime reporting obligations. Failure to report suspicious transactions or activities can result in fines or imprisonment.

Strengthening Financial Crime Reporting Obligations

Finland’s strengthened financial crime reporting obligations aim to prevent money laundering and terrorist financing. The country’s regulatory framework is designed to ensure that financial institutions are able to identify and report suspicious transactions or activities effectively.

In conclusion, Finland’s financial crime reporting obligations have been strengthened in line with EU directives and regulations. Financial institutions in the country must adhere to these obligations to prevent money laundering and terrorist financing. Failure to comply can result in penalties under the Penal Code.