Financial Crime World

Finland’s Battle Against Money Laundering and Financial Crimes: A Look at Current Efforts and Progress

Finland, known for its stunning landscapes and technological innovations, is making great strides in combating money laundering and financial crimes. According to the Financial Action Task Force (FATF), Finland has demonstrated a strong commitment to implementing measures to prevent financial crimes and comply with international standards.

FATF Commendation

The FATF, an international organization founded to establish and promote anti-money laundering (AML) and counter-terrorism financing (CTF) standards, has commended Finland for making progress. In their latest evaluation report, published in late 2022, FATF acknowledged Finland for substantial progress on strategic deficiencies.

Multi-faceted National Strategy

Finland’s national strategy to counter financial crimes is multi-faceted. The Finnish government has established several key authorities to enforce financial crime regulations:

  1. The Financial Supervisory Authority of Finland (FSAF): This regulatory body oversees the financial sector, ensuring compliance with financial regulations. The FSAF has the power to supervise, inspect, and enforce penalties related to financial crimes.

  2. The Tax Administration of Finland: Their responsibilities include tax assessment and collection. They also prevent tax fraud and related financial crimes, collaborating with both domestic and international partners to share information and address financial crimes in a coordinated and comprehensive manner.

In recent years, Finland has introduced new measures to strengthen its legal framework against financial crimes:

  • Criminal Code Amendment Act (2020): The Finnish Parliament passed this act, updating several provisions related to money laundering and criminal liability.

Europe-wide, Finland maintains a solid reputation for its dedication to combating financial crimes. Challenges remain, but the country’s proactive efforts to improve its regulatory framework and enforcement mechanisms position it well in the fight against illicit financial activities.

Stay Informed

Stay tuned for more updates on Finland’s progress towards eliminating money laundering and financial crimes.