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International Cooperation in Anti-Money Laundering and Counter-Terrorism Financing

Overview

Finland has made significant efforts to cooperate with its foreign counterparts on anti-money laundering (AML) and counter-terrorism financing (CTF) matters. This chapter highlights the country’s progress and identifies areas for improvement.

International Cooperation

• Finnish authorities cooperate with their foreign counterparts on AML/CTF matters, sharing timely and accurate information.
• Law enforcement agencies (LEAs) seek international cooperation to build cases.
• Finland is encouraged to keep statistics on its international cooperation activities related to money laundering and terrorism financing (ML/TF).

Priority Actions

The following priority actions are recommended:

• Accelerate AML/CFT supervision methodology: Develop and implement a comprehensive methodology for supervising entities subject to AML/CFT regulations.
• Allocate adequate resources: Ensure that AML/CFT supervisors have sufficient human and financial resources to perform their duties effectively.
• Beneficial ownership registry: Establish a registry that collects verified information and is implemented urgently.
• Risk understanding and mechanisms: Fill gaps in understanding ML/TF risks and establish mechanisms for relevant authorities to stay updated on emerging risks.
• Operational cooperation platforms: Set up platforms or channels for operational cooperation between relevant authorities to improve understanding of ML/TF risks.
• Sentence enhancement: Encourage the use of wider range of sentences for aggravated ML cases by courts.

Effectiveness and Technical Compliance Ratings

The country’s effectiveness ratings are:

• Substantial (IO.1, IO.2)
• Moderate (IO.4-11)

Technical compliance ratings:

• Largely Compliant (LC): R.1, R.3-5, R.7-8, R.10-12, R.15, R.17
• Partially Compliant (PC): R.2, R.9, R.13-14, R.16, R.18