The Finnish government presented a law proposal, on 3 November 2016, tightening legislation against money laundering and terrorist financing to the parliament. Objective of the proposal is to strengthen the money laundering and financing terrorism prevention in advance so that the legislation is based on a more robust assessment of the risks. The proposal would implement the Directive of the European Parliament and of the Council on money laundering and terrorist financing.
Under the proposed law the State Council, the supervisory authorities, the Bar Association and the disclosure requirement communities and traders would be required to establish money laundering and financing of terrorism risk assessment. The supervisory authorities and the powers of the Bar Association propose improvements to supervisory authorities and the proposed powers to impose administrative penalties.
The laws are intended to come mainly into force on 1 January 2017 or as soon as possible.
