Finland's Ministry of Finance has published a draft government bill for a new Act on the Prevention of Money Laundering and Terrorist Financing, launching a consultation on a comprehensive legislative overhaul. The proposal would repeal and replace the current act and implement the EU’s new AML and counter-terrorist financing framework, with most provisions intended to enter into force on 10 July 2027 when the EU anti-money laundering regulation begins to apply. The draft would implement the regulation establishing the EU Anti-Money Laundering Authority, the regulation on preventing the use of the financial system for money laundering or terrorist financing, the Sixth Anti-Money Laundering Directive and amendments to the Financial Information Directive. It also includes changes linked to strengthening compliance with Financial Action Task Force recommendations and addressing national reform needs, with the reform aiming to make regulation and supervision more effective and consistent and to strengthen the international dimension of preventive measures. The consultation is open until 29 August.

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