Finland supplements risk assessment of money laundering and terrorist financing and drafts first related strategy

Finland’s overall money laundering risk is significant, and the risk of terrorist financing is moderately significant according to national authorities and other key actors responsible for anti-money laundering and countering the financing of terrorism.

The Ministry of Finance and Ministry of the Interior have published Finland’s first national strategy for countering money laundering, terrorist financing and the evasion and circumvention of targeted financial sanctions. Among other things, the strategy aims to guide public authorities and other key actor towards coordinated, risk- and knowledge-based actions. 

“The strategy provides a framework for risk assessments. The goal is to prevent criminals and terrorists from using Finland’s financial markets and to safeguard the stability of the financial markets and society as a whole,” said Minister of Economic Affairs Sakari Puisto.

The risk assessments and action plans translate the goals of the strategy into concrete measures.

Money laundering and terrorist financing are a significant risk for Finland

According to Finland’s national risk assessment,  the overall money laundering risk is significant, and the risk of terrorist financing is moderately significant.

Finland faces diverse threats of money laundering and terrorist financing, which are closely linked to digitalisation, international crime and geopolitical shifts. The greatest risks relate to unofficial money transfer systems, crypto-asset services and payment services. The financing of terrorism often involves international cash flows in which funds are transferred through registered hawala-type money remittance services and unregistered hawalas.

Supervision resources, insufficient expertise and limited exchange of information are the most significant national vulnerabilities. 

In future, the technological transformation and national security situation will put added emphasis on the need for a risk-based approach and cooperation among authorities.

Action plans aim to mitigate risks

The Ministry of Finance and Ministry of the Interior also published action plans that seek to mitigate the risks identified in the assessment and achieve the goals set in the strategy.

For the first time, the non-profit organisation (NPO) sector has gotten its own action plan, which responds to the national risk assessment of money laundering and terrorist financing in the NPO sector published in 2024. 

The action plans designate parties responsible for implementation, resources, implementation schedules and implementation metrics for the measures included in them.

Government adopts resolution

The Government adopted a resolution on the strategy, risk assessments and action plans on 28 May. 

The resolution describes Finland's national strategy to prevent money laundering, terrorist financing and the evasion and circumvention of targeted financial sanctions. It also describes Finland’s understanding of the risks of money laundering and terrorist financing it faces and of the methods to manage those risks.

Inquiries:
Elina Rantakokko, Senior Ministerial Adviser, Head of Unit. Ministry of Finance, tel. +358 295 530 507, elina.rantakokko(at)gov.fi
Petri Siitonen, Senior Specialist, Ministry of the Interior, tel. +358 295 488 420, petri.siitonen(at)gov.fi