Key Documents

Finland Defines Money Laundering, Terrorist Financing Crimes

January 1, 2008

Finland Transposes the Third Money Laundering Directive Into National Legislation

August 1, 2008

Finland Publishes CDD Requirements to Prevent Abuse of Financial Market

June 22, 2010

Finland Issues Decree Addressing Politically Exposed Persons

October 1, 2008

Finland Publishes Consolidated Act of Obligations for Credit Institutions

September 7, 2012

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

Finland

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