Combating money laundering and terrorism

Combating money laundering and terrorism

The prevention and exposure of money laundering and terrorist financing are a part of corporate responsibility. 

The Bar Association instructs and supervises

The Finnish Bar Association instructs attorneys-at-law on the obligations related to preventing money laundering and terrorist financing and monitors that attorneys-at-law comply with the provisions of the Money Laundering Act. An attorney-at-law must be able to demonstrate to the Bar Association that he or she has risk-based procedures suitable for his or her own activities to know his or her clients and to manage the risks of money laundering and terrorist financing.

Risk assessment is mandatory

Each law firm must prepare its own risk assessment and a written instruction based on it to know the client and to prevent money laundering and terrorist financing.

In addition to the obligation to know their clients, attorneys-at-law are required to determine the basis for out-of-the-ordinary transactions and report any suspicious transactions to the Financial Intelligence Unit of the National Bureau of Investigation.

The Bar Association has a statutory reporting obligation

The Finnish Bar Association has an obligation under the Money Laundering Act to prepare an annual report on its anti-money laundering and anti-terrorist financing activities. A link to the latest publication can be found in the right-hand column of this page (in Finnish).