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Finland’s Regulatory Bodies Get Mixed Review on Fighting Financial Crime

A Mixed Assessment from the International Community

A recent report has given Finland’s regulatory bodies a mixed assessment when it comes to combating financial crime. The report, which evaluates countries’ compliance with anti-money laundering and counter-terrorism financing (AML/CFT) standards, highlights areas where Finland excels and others where improvement is needed.

Areas of Strength

• Risk Assessment and National Cooperation: Finland received high marks for assessing risk and applying a risk-based approach to fighting financial crime. This involves identifying potential threats and taking targeted measures to prevent them from materializing.
• Targeted Financial Sanctions: The country has a robust system in place for identifying and freezing assets linked to terrorist groups.

Areas of Improvement

• Money Laundering Offences: Finland’s laws regarding money laundering offences were found to be lacking in some areas. While the country has made significant progress in recent years, there is still room for improvement when it comes to defining and prosecuting these crimes.
• Financial Institution Secrecy Laws: The report noted that Finland’s financial institution secrecy laws are not entirely compliant with international standards. While the country has taken steps to improve transparency, more needs to be done to prevent tax evasion and other forms of financial crime.

Customer Due Diligence

While Finland scored well on customer due diligence, there are still some areas where improvement is needed, particularly when it comes to identifying and reporting suspicious transactions.

International Cooperation

Finally, Finland’s international cooperation in fighting financial crime was deemed satisfactory, with good collaboration between different countries and agencies on issues such as mutual legal assistance and extradition.

Conclusion

Overall, while Finland has made significant progress in combating financial crime, there are still areas where improvement is needed. The country will need to continue working to strengthen its regulatory bodies and laws in order to meet international standards.