Finland’s Finance and Interior Ministries Warn of Money Laundering and Terrorist Financing Risks in Virtual Currencies and Remittances

The Finnish Ministry of Finance and Ministry of the Interior have issued a partially updated Nation Risk Assessment of Money Laundering and Terrorist Financing. This update underscores the high risks associated with unofficial international money remittances and the virtual currency sector.

Key Findings

• Money laundering and terrorist financing present heightened risks in unregulated international money remittances, virtual currency providers, banks, and payment service providers.
• The importance of staying informed about industry trends in these areas was emphasized given their continuous development.
• Sanctions evasion in the context of Russia’s invasion of Ukraine, various methods of bypassing imposed sanctions, corruption, and cybercrime in remote services were identified as major risks.

Cybercrime: The Largest Risk

cyber:critical: With cybercrime being considered the largest risk in this sector, officials called for improved measures to address these challenges.

Action Plan

The updated action plan includes:

1. Increasing public awareness
2. Enhancing information exchange and statistical compilation
3. Implementing measures to mitigate significant individual risks

Newly included in the action plan are unregistered hawala operators, which pose a very high risk of money laundering and terrorist financing.

For more information, please contact:

Ministry of Finance

• Mia Pietarinen, Coordinator
  • Email: mia.pietarinen@gov.fi
  • Phone: +358 295 530 529

Ministry of the Interior

• Monna Airiainen, Senior Specialist
  • Email: monna.airiainen@gov.fi
  • Phone: +358 295 488 360

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