Finland’s Ministry of Finance is finalising a government proposal for a comprehensive reform of the Anti-Money Laundering Act to implement new EU anti-money laundering and counter-terrorist financing legislation. The proposal is now expected to be submitted to Parliament in March, having been delayed from the originally planned December timetable. The draft aims to strengthen and harmonise regulation and supervision and to reinforce the international dimension of preventive measures. The ministry opened the draft for comments on 30 June and received 36 responses; feedback was broadly supportive but emphasised the need for clear and proportionate rules, with requested clarifications on the law’s scope and definitions. Responses also highlighted issues including the reliability of beneficial ownership register data, customer due diligence obligations, information sharing, data protection and administrative sanctions, and noted that the impact assessment was partly insufficient. Work will continue based on the consultation feedback, with the law intended to enter into force mainly on 10 July 2027.
Ministry of Finance (Finland) 2025-11-26
Finland’s Ministry of Finance delays anti-money laundering law overhaul proposal to March and targets July 2027 entry into force
Finland’s Ministry of Finance is finalising a proposal to reform the Anti-Money Laundering Act in line with new EU legislation, with submission to Parliament expected in March. The draft aims to enhance regulation and supervision, with feedback highlighting the need for clear rules and addressing issues like beneficial ownership data and customer due diligence. The law is intended to take effect on 10 July 2027.