The financial sector has an active role
in the prevention of money laundering
AML measures should be further improved
- Financial institutions must be able to mutually exchange information on any suspicious business transactions.
- Authorities must be guaranteed sufficient resources for the prevention of money laundering.
- Authorities and the financial sector must improve mutual information exchange.
- Supervision must be enhanced to prevent money laundering on both national and EU level.
- Relevant legislation also needs further clarification and simplification to ensure honest customer relationships are not hampered. Resources must be targeted where risks are the highest.
Money laundering means masking the origins of illegal funds by passing them through banks or commercial transactions. Prevention of money laundering is in the best interest of the banks and the society alike and to achieve this, the law imposes stringent requirements on banks and other regulated entities to stop the movement of illicit funds.
The prevention of money laundering takes up hundreds of full-time-equivalent work years and as much as 100 million euros in Finnish financial institutions each year. In 2019, 10,000 cases of suspected money laundering were reported. Only a marginal number of them lead to pre-trial investigation or charges being filed.
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