This report reviews observance of Standards and Codes for the Financial Action Task Force (FATF) 40+9 Recommendations and the Anti-money Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in Finland. The report describes the level of compliance with the FATF 40+9 Recommendations, and contains recommendations on how the AML/CFT system could be strengthened. The report reveals that Finland has a good legal structure to combat money laundering and terrorist financing.
registers are not supervised by a government authority.
25. The Finnish legal system does not allow for the creation of trusts, and the legal concept of trust does not exist under Finnish law. Foreign trusts may operate in Finland. If a foreign trust comes to a Finnish financial institution as a customer, it is treated as any other legal person which is a customer of the financial institution.
26. Finland’s traderegistrysystem and accounting requirements apply to foundations and to those associations which choose to register, and a clear process is in place for