Finland Country Summary

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.

Finland has a robust legal framework to combat corruption, with various criminal offenses defined in its criminal code and penalties that can include imprisonment. While the country lacks a single dedicated anti-corruption authority, multiple agencies, including the Ministry of Justice and the National Bureau of Investigation, collaborate to monitor and address corruption issues, supported by legislation that mandates transparency and accountability in both public and private sectors.

Finland's economy is characterized by its modern, stable framework and a high standard of living, supported by a well-educated and skilled labor force. As a member of the European Union and the Euro area, Finland has embraced digital infrastructure and is actively pursuing green transition initiatives, aiming for carbon neutrality by 2035. However, challenges such as an aging population, labor shortages, and the economic impacts of geopolitical tensions, particularly following Russia's invasion of Ukraine, have prompted the government to implement structural reforms to stimulate growth and attract foreign investment.