Background
Money laundering refers to the process of making property obtained through criminal activity seem legitimate.
Preventive measures
Prevention work is undertaken by innumerable public authorities, and also by organisations with a reporting requirement under the anti-money laundering legislation. Finland is engaged in close international cooperation in these matters.
What, how, why...?
We have compiled a list of questions and answers concerning the prevention of money laundering and terrorist financing.
Impact assessment of projects under the action programme for the prevention of the shadow economy and economic crime in 2020–2023 completed
In the impact assessment, project managers assessed the results and impact of their projects and discussed how their projects contributed to implementing the strategy for the prevention of the shadow economy and economic crime. In addition, actions recommended during the projects and any new proposed actions were reported. These were reported by 33 projects.
Finland updates risk assessment of money laundering and terrorist financing
Unofficial international money remittances involve a very high risk of money laundering and terrorist financing. In addition, public authorities responsible for anti-money laundering and countering the financing of terrorism and other key actors consider the risk to be high for virtual currency providers, banks and payment service providers.
IMF published a report on anti-money laundering in Finland
The International Monetary Fund (IMF) has published an analysis of anti-money laundering in Finland. At the request of the Nordic and Baltic countries, the IMF analysed threats and vulnerabilities stemming from money laundering and terrorist financing in the region. The results of the report were announced earlier.
Assessment
A national information system would improve access to information on politically exposed persons
Entities obliged to carry out customer due diligence under the Act on Preventing Money Laundering and Terrorist Financing would have better access to information on politically exposed persons if the information were processed using a centralised national information system. The Ministry of Finance is requesting comments on its assessment of the matter.