Åland Islands Country Summary
Lower Risk
View full Ratings TableSanctions
Lower Concern
FATF AML Deficient List
Lower Concern
Terrorism
Medium Concern
Corruption
Lower Concern
US State ML Assessment
Lower Concern
Criminal Markets (GI Index)
Lower Concern
EU Tax Blacklist
Lower Concern
Offshore Finance Center
Lower Concern
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
The Åland Islands is an autonomous region of Finland. As such, we are including the information for Finland below:
FATF Status
Finland is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The last Follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Finland was undertaken in 2023. According to that Evaluation, Finland was deemed Compliant for 9 and Largely Compliant for 28 of the FATF 40 Recommendations. It remains Highly Effective for 1 and Substantially Effective for 3 of the Effectiveness & Technical Compliance ratings.
Sanctions
There are currently no international sanctions in force against Åland Islands.
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 88 |
| World Bank: Control of Corruption Percentile Rank | 100 |
The Åland Islands, as an autonomous region of Finland, benefit from a robust legal framework aimed at combating corruption, with penalties for various bribery offenses clearly outlined in the criminal code. While there is no single authority dedicated solely to anti-corruption efforts, multiple agencies, including the Ministry of Justice and the National Bureau of Investigation, collaborate to monitor and address corruption, supported by comprehensive legislation and guidelines for both large and small businesses.
Economy
The economy of Åland Islands is primarily driven by shipping, trade, and tourism, with shipping alone accounting for approximately 40% of the region's economic activity. The local economy is characterized by a predominance of small businesses, alongside significant contributions from farming and fishing, while recent developments in technology and wind power are also noteworthy. Åland's unique tax regulations and autonomous status create an appealing investment climate, although restrictions on property ownership for non-residents may deter some potential investors.
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