Financial Crime World

Headline: Finland’s Commitment to Combating Financial Crime: Prevention Statistics and Approach

Finland, known for its transparency and high standard of living, is not immune to financial crime. Despite having a lower incidence rate compared to other European countries, the Finnish Tax Administration has taken a concerted effort to tackle economic offenses as evidenced in their crime prevention statistics.

Statistics on Financial Crime Prevention

According to the Statistics Finland’s annual publication [1], the Ministry of Interior reported 25,331 cases of economic crime in 2020, marking a decrease of 3.1% compared to the previous year. Additionally, preventive measures in 2020 resulted in a total of 118,452 cases being averted, a slight increase of 0.3% from 2019.

Finland’s Multi-faceted Approach to Preventing Financial Crime

Finland’s approach to preventing financial crime is multi-faceted, combining both reactive and proactive methods. The tax administration has consistently implemented measures to:

  • Increase awareness
  • Enhance intelligence sharing
  • Develop technology-driven tools

Focus on Prosecuting Key Financial Crimes

Finnish authorities are focusing on investigating and prosecuting three major types of financial crimes: tax fraud, money laundering, and fraudulent invoicing. In 2020:

  • 11,222 cases of tax fraud were detected
  • 2,362 individuals were prosecuted

Proactive Approach to Money Laundering and Terrorism Financing

Finland has taken a proactive approach to tackling money laundering and financing terrorism. In 2020:

  • 1,101 money laundering cases were under investigation
  • €205.7 million worth of assets were frozen

International Collaboration and Advanced Technologies

Finland’s preventive measures are reflected in its investment in advanced technology and international collaboration:

  • In partnership with international partners, the Finnish Tax Administration introduced Tax Intelligence Network (TIN)
  • The Finnish authorities have been increasingly utilizing machine learning and predictive analytics to detect and prevent financial crimes

Continued Commitment to Combating Financial Crimes

The director of the Finnish Tax Administration’s Criminal Investigation Unit expressed their dedication to combating financial crimes:

“Finland’s commitment to combating financial crimes is unrelenting. While we continuously enhance our existing processes, we prioritize international collaboration and embrace advanced technologies to stay on top of emerging threats.”

Finland’s Reputation as a Transparent and Corruption-Free Society

The Finnish Tax Administration’s proactive and data-driven approach to fighting financial crime has positioned Finland among European countries taking a leading role in addressing this challenge. The recently released statistics underscore Finland’s dedication to maintaining its reputation as a transparent and corruption-free society.

[1] Statistics Finland: Reported crimes statistics: Crime statistics by type and region, 2020. https://www.stat.fi/EN/stats/hse/hse_2020_201120_uutiset_en.html (Accessed March 20, 2023.)