Finland Takes Steps towards Beneficial Ownership Transparency
Introduction
Finland has implemented a register of beneficial ownership as part of its efforts to combat money laundering and financial crime. This article provides an overview of Finland’s approach to beneficial ownership transparency, including its scope, limitations, and international commitments.
Beneficial Ownership Register in Finland
- Launch: The Register of Companies was launched by Finland in 2019.
- Scope: The register covers the entire economy and uses a threshold of 25% to determine beneficial ownership.
- Public access: Structured data from the register is not publicly available.
International Obligations
Finland’s implementation of beneficial ownership transparency is mandated by its membership in the European Union. A recent judgment by the Court of Justice of the European Union has clarified that member states are no longer required to provide public access to the register, but must make it available to those who can demonstrate a legitimate interest.
Commitments at the 2023 Summit for Democracy
Finland has committed to effective implementation of beneficial ownership transparency measures and the maintenance of a beneficial ownership registry or an alternative mechanism. This commitment was made at the 2023 Summit for Democracy, which aimed to promote democracy and transparency worldwide.
Data on Beneficial Ownership Transparency
Data on Open Ownership’s map is drawn from publicly-available sources and may not be comprehensive for all countries. If data is incorrect or if you have new information, please submit it using this form.