Prevention – money laundering and terrorist financing
Money laundering refers to activities in which funds of criminal or illegal origin are recycled through a legal payment system to cover the actual nature, origin or owners of the funds. Terrorist financing means the acquisition or collection of funds of legal or illegal origin for terrorist purposes.
The Ministry of Finance is responsible for drafting the Act on Preventing Money Laundering and Terrorist Financing and the decrees issued under it as well as the Act on the Bank and Payment Accounts Control System and the Act on Virtual Currency Providers. In addition, the Ministry of Finance coordinates and reconciles the preparation of the national money laundering risk assessment.
The Ministry of Finance and the Ministry of the Interior are jointly responsible for the prevention of money laundering and terrorist financing. The Ministry of the Interior is responsible for the Financial Intelligence Unit and for drafting the Act on the Financial Intelligence Unit and the decrees issued under it. The Ministry of the Interior coordinates and reconciles the preparation of the national terrorist financing risk assessment. The Ministry of the Interior is also responsible for the action plan for the National Strategy for Tackling the Shadow Economy and Economic Crime.
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 Justice is responsible for criminal legislation and related legislation. The Ministry for Foreign Affairs is responsible for coordinating the supervision of compliance with UN and EU financial sanctions in Finland. The Ministry of Economic Affairs and Employment is responsible for drafting the Trade Register Act.
The Ministry of Finance is responsible for coordinating matters relating to the Financial Action Task Force (FATF) on the national level. The FATF carries out international cooperation against money laundering and the financing of terrorism and weapons of mass destruction. The FATF develops and issues operational recommendations and monitors their implementation in the member states through annual inquiries and periodic country evaluations. The Ministry of Finance also takes part in the European Commission’s Expert Group on Money Laundering and Terrorist Financing. The Expert Group discusses topical questions related to money laundering and terrorist financing both in Europe and globally, such as market occurrences, international cooperation and the implementation of legislation.
Preventive measures (moneylaundering.fi)
Roles of stakeholders (moneylaundering.fi)
International cooperation (moneylaundering.fi)