Money laundering is an activity that tries to make money obtained through criminal activity seem legitimate.
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.
Study finds connection between corruption and money laundering in Nordic countries
Operators based in the Nordic countries can be taken advantage of in money laundering related to corruption, even though open corruption, such as bribery, is relatively rare in the Nordic countries. This is the conclusion of a recent study conducted by the Police University College on the connection between corruption and money laundering in the Nordic countries.
New EU Regulation enhances controls on cash at the borders
In June, there will be changes to controls on cash in border traffic, when the new Regulation on controls on cash entering or leaving the Union becomes applicable in the European Union on 3 June 2021. Among other things, the new Regulation extends the definition of cash and harmonises the declaration practices. In Finland, movements of cash are controlled at border crossing points by Finnish Customs. The aim of the controls is to prevent money laundering and terrorist financing.
National risk assessment and action plan on money laundering and terrorist financing
Highest risk sectors are money remittances and provision of virtual currencies
Obliged entities, which are entities with reporting and other obligations, do not always examine the background to customers' transactions or the source of funds adequately enough for the purpose of preventing money laundering. Finland’s national risk assessment of money laundering and terrorist financing finds that all sectors experience challenges in identifying signs of terrorist financing.
Money laundering supervision register improves oversight
The Regional State Administrative Agency for Southern Finland supervises compliance with the Act on Preventing Money Laundering and Terrorist Financing (444/2017) on a national basis. One of the Regional State Administrative Agency’s supervisory tools to step up supervision of the Act on Preventing Money Laundering and Terrorist Financing (Money Laundering Act) is the money laundering supervision register. This streamlines contact between the Regional State Administrative Agency and the supervised entities on guidance and the reporting and collection of information.