Preventing money laundering and terrorist financing

The Ministry of Finance and the Ministry of the Interior are the ministries responsible for the prevention of money laundering and terrorist financing. Other key ministries involved in this work are the Ministry of Justice, the Ministry for Foreign Affairs, the Ministry of Economic Affairs and Employment, and the Ministry of Social Affairs and Health.

The Ministry of Finance is responsible for the Anti-Money Laundering Act, the regulations issued and the national risk assessment of money laundering. The Ministry of Finance is also responsible for coordinating the international instructions and regulations on money laundering issued by FATF (Financial Action Task Force on Money Laundering) and the EU on the national level.

The regulations that seek to prevent money laundering and terrorist financing consist of national legislation and European and international regulations.

Finland has an Anti-Money Laundering Act in place. The Anti-Money Laundering Act is supplemented by several separate acts.

The national law is based on EU regulations issued as directives and regulations. The directives are implemented as national laws, the regulations are applied as is.

The national law and EU law are heavily influenced by the international recommendations by Financial Action Task Force on Money Laundering (FATF).