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Finland Upgrading Anti-Terrorism And Anti-Money Laundering Law

Finland is taking steps to more effectively deal with terrorism and money laundering used to finance terrorist activities.

The government is to present Parliament with new legislation to prevent money laundering that can be more widely applied than present law.

Current laws require banks, insurance companies, pawn shops and real estate dealers, among others, to report any suspicions of money laundering.

New legislation will also include companies offering tax advisory and financial management services, as well as distrainers and bankruptcy ombudsmen. They will also be required to watch for any indications of money laundering or the financing of terrorism and to report to the proper authorities.

The same reporting requirement will apply to all merchants who accept more that 15,000 euros in cash payment from customers. Confidentiality regulations governing taxation will be eased so that tax officials can, if needed, report on all of the financial transactions of anyone suspected of money laundering.

The changes will bring Finnish law into line with an EU directive on money laundering. The draft legislation still requires passage by Parliament.

YLE

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