Finland’s Anti-Money Laundering and Counter-Terrorism Financing Measures
International Cooperation
Finland has demonstrated a strong commitment to international cooperation in the fight against money laundering (ML) and terrorism financing (TF). Key highlights include:
- Close collaboration with neighboring countries
- Active engagement by the Financial Intelligence Unit (FIU) in supervising EU and Nordic financial institutions
Priority Actions for Finland
The Financial Action Task Force (FATF) has identified key areas where Finland needs to improve its AML/CFT measures. These priority actions are:
1. Accelerate AML/CFT Supervision
Develop a risk-sensitive methodology for supervised entities and implement it as a priority.
- Provide adequate resources to ensure effective supervision
2. Allocate Adequate Resources
Provide sufficient human, financial, and other resources to enable the Financial Supervisory Authority (FIN-FSA) and the Police’s Economic Crime Unit (RSAA) to conduct their responsibilities effectively.
3. Implement Beneficial Ownership Registry
Ensure that the framework for the registry requires relevant verification of information collected and stored, and implement it as a matter of urgency.
4. Enhance Understanding of ML/TF Risks
Fill existing gaps in understanding ML/TF risks and establish mechanisms to enable all relevant authorities to have an updated view of these risks.
5. Establish Platforms for Cooperation
Set up platforms or channels to support operational cooperation between relevant authorities, including the FIU and law enforcement agencies (LEAs).
6. Encourage Proportionate Sentencing
Encourage courts to use a wider range of sentences for aggravated ML cases.
Effectiveness and Technical Compliance Ratings
The FATF has assessed Finland’s effectiveness in AML/CFT measures as follows:
- Effectiveness
- IO.1: Substantial
- IO.2: High
- IO.3-11: Moderate
- Technical Compliance
- R.1-R.6, R.8, R.10, R.12, R.15: Low Compliance (LC)
- R.7, R.9, R.13, R.14, R.16-18: Partially Compliant (PC)