Finland's progress in strengthening measures to tackle money laundering and terrorist financing

Publication details

Language

English

Country

Finland

Follow-Up Report Finland 2023

Filename
Finland-FUR-2023.pdf
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2 MB
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application/pdf
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24 October 2023 - Overall, Finland has made progress in addressing most of the technical compliance deficiencies identified in its MER and has been upgraded on the following Recommendations.

  • Recommendation 13 is re-rated from Partially Compliant to Largely Compliant
  • Recommendation 19 is re-rated from Partially Compliant to Largely Compliant
  • Recommendation 27 is re-rated from Partially Compliant to Largely Compliant
  • Recommendation 35 is re-rated from Partially Compliant to Largely Compliant
  • Recommendation 28 is maintained at Partially Compliant

Finland has nine Recommendations rated Compliant,  28 rated Largely Compliant, 3 Recommendations rated Partially Compliant and none rated Non-Compliant.

Finland will report back to the FATF on progress achieved in improving the implementation of its AML/CFT measures in its 5th round mutual evaluation.

 

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Finland Follow-Up Report 2023

missOrigin

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
LC
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
LC
R.7 - Targeted financial sanctions related to proliferation
LC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
LC
R.11 - Record keeping
C
R.12 - Politically exposed persons
LC
R.13 - Correspondent banking
LC
R.14 - Money or value transfer services
C
R.15 - New technologies
PC
R.16 - Wire transfers
C
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
LC
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
LC
R.26 - Regulation and supervision of financial institutions
LC
R.27 - Powers of supervisors
LC
R.28 - Regulation and supervision of DNFBPs
PC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
LC
R.32 - Cash couriers
LC
R.33 - Statistics
LC
R.34 - Guidance and feedback
C
R.35- Sanctions
LC
R.36 - International instruments
LC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Earlier reports

Finland's measures to combat money laundering and terrorist financing

16 Apr 2019

Finland has a sound framework to combat money laundering and terrorist financing which is delivering some good results, but there are some areas to improve the effectiveness of the country’s framework, especially with regard to the AML/CFT supervision of financial and non-financial institutions.
Read more

  • 4 Oct 2022

    Finland's progress in strengthening measures to tackle money laundering and terrorist financing This follow-up report analyses Finland's progress in addressing the technical compliance deficiencies identified in its 2019 Mutual Evaluation.

  • 5 Oct 2021

    Finland's progress in strengthening measures to tackle money laundering and terrorist financing This follow-up report analyses Finland's progress in addressing the technical compliance deficiencies identified in its 2019 Mutual Evaluation.

  • 16 Apr 2019

    Finland's measures to combat money laundering and terrorist financing Finland has a sound framework to combat money laundering and terrorist financing which is delivering some good results, but there are some areas to improve the effectiveness of the country’s framework, especially with regard to the AML/CFT supervision of financial and non-financial institutions.

  • 25 Jun 2013

    Mutual Evaluation of Finland: 9th Follow-up report This follow-up report provides an overview of the main changes made to the AML/CFT system in Finland since the adoption of its mutual evaluation report in October 2007. In June 2013, the FATF recognised that Finland had made significant progress in addressing deficiencies identified in its mutual evaluation report and decided that the country should be removed from the regular follow-up process.

  • 12 Oct 2007

    Mutual Evaluation of Finland The report of the mutual evaluation of Finland was adopted by the FATF plenary in June 2007. This report provides a summary of the anti-money laundering AML and combating the financing of terrorism CFT measures in place in Finland at April 2007 the date of the on-site visit. The report describes and analyses those measures and provides recommendations on how certain aspects of the system could be strengthened. It also sets out Finland's levels of compliance with the FATF 40+9 Recommandations.

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