Finland

New Documents

GRECO Publishes Compliance Report on Finland Anti-Corruption Efforts

The Council of Europe Group of States Against Corruption published a compliance report on the Fifth Round Evaluation of Finland’s anti-corruption regime with respect to law enforcement agencies and top executive functions within the government.

December 14, 2020

OECD Working Group on Bribery Urges Finland to Address Foreign Bribery Deficiencies

The Organisation for Economic Co-operation and Development Working Group on Bribery noted its ongoing concern with Finland’s enforcement against foreign bribery since its 2017 Phase 4 report.

October 23, 2020

Fin-FSA Plans to Strengthen Supervision of Entities, Compliance with AML Regulations

January 2, 2020

Finnish FSA Shares Results of Thematic Review on Supervision Arrangements by Investment Service Providers

January 2, 2020

Finland FSA Grants Registration to Five Virtual Currency Providers

November 4, 2019

News

Fintechs May Have Missed a Chance in the EU, Finland’s FIU Chief Says

Financial technology-based firms in Europe have largely failed to participate in the Black Wallet Project, a government-led consultation that may influence how anti-money laundering rules apply to them going forward, a senior official told ACAMS moneylaundering.com.

November 10, 2020

Midweek Roundup: ‘FinCEN Files’ Fallout Begins, Belarus Escapes EU Sanctions, and More

Former high-ranking Maltese official arrested, OFAC targets Cuba and Iran, and more, in the midweek roundup.

September 23, 2020

Midweek Roundup: FinCEN Official Admits Leaking SARs, US Bills Would Give Bureau Key Role Against Domestic Extremism, and More

January 15, 2020

Midweek Roundup: NAB Self-Reports AML Breaches, Australia Probes Westpac’s Officials, and More

December 18, 2019

Midweek Roundup: US AML Reform Bill Clears House, Swedbank Reviews Billions of Transactions, and More

October 23, 2019

Enforcement Actions

Finland Fines S-Bank Ltd Nearly €1 Million Euros for AML Violations

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.

December 18, 2019

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