Finland

New Documents

Finland’s Financial Supervisory Authority announced plans to strengthen its anti-money laundering supervision.

Finland’s Financial Supervisory Authority published its results following a thematic review on supervision by investment service providers of suspicious transactions and orders.

Enforcement Actions

Finland’s Financial Supervisory Authority fined S-Bank Ltd €980,000 for lacking a comprehensive risk-based approach as required by the Act on Detecting and Preventing Money Laundering and Terrorist Financing.


Important Facts

  • The U.S. State Department labels Finland as a monitored jurisdiction. Finland is not a regional center for money laundering, financial crime, or illegal commerce. The major sources of illegal proceeds in Finland relate to financial crimes, and the majority of investigated suspicious financial activities have an international dimension. The number of organized criminal groups has grown slightly in the past few years, as has the number of their members. Illicit funds are normally laundered through currency exchangers and gaming establishments. The use of virtual currencies and phone transactions have become more common money laundering cases. Terrorism related fundraising is associated with real estate investments, transport of cash, front companies and online shadow financing markets.
  • KYC Covered Entities: Banks; investment firms, management companies, and custodians; the central securities depository and book entry registrars; payment institutions and money transmitters and remitters; insurance companies, local mutual insurance associations, and insurance intermediaries; authorized pension insurance companies; limited liability companies or cooperatives engaged in restricted credit institution activities; tax advisors; apartment rental and real estate agents; auditors, lawyers, notaries, and accountants; trust and company service providers; pawnshops and dealers in high-value goods; casinos and gaming entities
  • STR Covered Entities:  Banks; investment and fund management companies and custodians; the central securities depository and book entry registrars; payment institutions and money transmitters and remitters; insurance companies, local mutual insurance associations, and insurance intermediaries; authorized pension insurance companies; limited liability companies or cooperatives engaged in restricted credit institution activities; tax advisors; apartment rental and real estate agents; auditors, lawyers, notaries, and accountants; trust and company service providers; pawnshops and dealers in high-value goods; casinos and gaming entities
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: 12 (2014)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 8 High : 1
Largely Compliant : 23 Substantial : 3
Partially Compliant : 9 Moderate : 6
Non-Compliant : 0 Low : 1

BASEL i

Rank : 139/141
Score : 2.97/10

TRANSPARENCY INTERNATIONAL i

Rank : 3/180
Score : 86/100

Tax Justice Network i

Rank : 87/133
Score : 52/100