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Finland: Draft Anti-Money Laundering and Terrorism Financing Legislation

(May 2, 2008) The Government of Finland has recently drafted new legislation to more effectively combat money laundering and the terrorist activities financed by it, thereby bringing Finnish law more in line with a European Union directive on the subject. The Finnish bill extends a requirement to report suspected money laundering activities – already in place for banks, insurance companies, pawn shops, and real estate brokers – to companies that offer tax advisory and financial management services, distrainers, and bankruptcy ombudsmen. All merchants who accept more than €15,000 (about US$23,544) in cash payment from customers would also be subject to the reporting requirement. The Government plans to relax taxation confidentiality rules to allow tax officials, if necessary, to report on the financial transactions of persons suspected of money laundering. (Finland — Government Considers New Legislation to Prevent Money Laundering and Terrorism Financing, 5:5 IJCSL NEWSLETTER (Apr. 2008), citing to Finland Upgrading Anti-Terrorism and Anti-Money Laundering Law, YLE NEWS, Mar. 13, 2008, available at