Financial Action Task Force
Finland improves prevention of money laundering and terrorist financing – enhanced follow-up process to end
The Financial Action Task Force (FATF) is ending Finland’s enhanced follow-up process. Finland will continue to improve prevention efforts by enhancing exchange of information.
In its 2019 country assessment of the prevention money laundering and terrorist financing, the FATF identified a number of areas for Finland to develop. Finland has submitted annual reports on its progress.
Finland has amended its legislation
In its fourth enhanced follow-up report, the FATF increased several of Finland’s ratings, because Finland has amended its legislation on preventing money laundering and terrorist financing. Finland improved its compliance with recommendations concerning correspondent banking relationships, high-risk third countries, the powers of supervisory authorities, and sanctions.
The FATF decided to end Finland's enhanced follow-up process because of Finland’s progress. Minister of Economic Affairs Wille Rydman emphasises that the work will continue.
“We are committed to improving the prevention of money laundering and terrorist financing both on the national level and in international cooperation. We are currently working on legislative amendments that will enhance exchange of information,” Rydman said.
The Government intends to submit a proposal on enhancing exchange of information to Parliament in December.
Next assessment in 2027–2027
The FATF will carry out its next country assessment of Finland in 2027–2028. The FATF is an intergovernmental organisation that issues recommendations and develops methods for preventing money laundering and terrorist financing. Administratively, the group operates under the auspices of the OECD.
Elina Rantakokko, Ministerial Adviser, tel. +358 295 530 507, elina.rantakokko(at)gov.fi