Financial Crime World

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Finland Shows Strong Commitment to Financial Crime Prevention, But Some Areas Need Improvement

A recent report evaluating Finland’s efforts to combat financial crime has yielded mixed results. While the country has made significant progress in some areas, there is still room for improvement in others.

Progress and Challenges

The report highlights Finland’s strong commitment to implementing international standards and best practices. The country has made notable strides in key areas such as:

  • Assessing Risk and Applying a Risk-Based Approach: Finland has been deemed “largely compliant” with FATF Recommendation R.1, which requires countries to assess the risks of money laundering and terrorist financing and apply a risk-based approach to prevent these crimes.
  • National Cooperation and Coordination: Finland’s efforts in this area have been praised for their effectiveness and efficiency.

However, there are challenges that need to be addressed:

Areas for Improvement

The report highlights several areas where Finland needs to improve its efforts to combat financial crime. These include:

Enhancing Customer Due Diligence and Record Keeping

  • FATF Recommendation R.10: Finland needs to enhance customer due diligence to prevent money laundering and terrorist financing.
  • FATF Recommendation R.11: The country should improve record keeping to ensure that financial institutions have adequate information about their customers.

Improving Transparency and Beneficial Ownership

  • FATF Recommendations R.24 and R.25: Finland needs to strengthen the regulation and supervision of non-profit organizations, including enhancing transparency and beneficial ownership requirements.
  • FATF Recommendation R.28: The country should improve the regulation and supervision of designated non-financial businesses and professions (DNFBPs).

Strengthening Supervision and Law Enforcement

  • FATF Recommendations R.27 and R.31: Finland needs to enhance the powers of supervisors and law enforcement authorities to prevent financial crime.

Conclusion

While Finland has made significant progress in combating financial crime, there is still much work to be done to ensure full compliance with international standards. By addressing these areas for improvement, Finland can continue to demonstrate its commitment to preventing financial crime and maintaining a secure and stable financial system.