Government proposal
Legislative amendments to enhance exchange of information in prevention of money laundering and terrorist financing

Public authorities will be better able to exchange information in their efforts to prevent money laundering and terrorist financing. The Government is proposing legislative amendments that will improve access to information and strengthen national security.

“When different public authorities can efficiently share information, they can more effectively prevent money laundering and terrorist financing, which will also prevent other crimes. For example, money laundering is often linked to drug crimes and financial crimes,” said Minister of Economic Affairs Wille Rydman.

The proposal puts into action some of the Government Programme’s entries concerning national security. The Government Programme includes a commitment to removing obstacles to the exchange of information in the combating of crime. 

Changes to disclosure of and access to information

The Government is proposing amendments to legislation that would:

• ensure that register information on beneficial owners is correct, timely and secure;
• give the Financial Intelligence Unit the right to disclose information from the money laundering register in accordance with the Credit Institutions Directive;
• improve the Finnish Security and Intelligence Service’s access to information for the purposes of protecting national security.

Finland to meet international obligations

The amendments will ensure that Finland can meet its international obligations relating to the prevention of money laundering and terrorist financing. Among other things, Finland is committed to organising cooperation between public authorities in such a way that the regulation of the exchange of information does not prevent efforts to combat money laundering and terrorist financing.

The proposal is based on the final report of a working group that was published last June. Officials at the Ministry of Finance finalised the proposal in close cooperation with the Ministry of Justice, Ministry of the Interior and Ministry of Economic Affairs and Employment.

The Government submitted the proposal to Parliament on Thursday 10 October. The amendments are intended to enter into force as soon as possible.

Inquiries:
Elise Luovula, Senior Specialist, tel. +358 295 530 242, elise.luovula(at)gov.fi
Lars Aikala, Special Adviser to the Minister, tel. +358 295 047 330, lars.aikala(at)gov.fi