Finance Finland commends the European Commission’s decision to adopt a list of third countries with weak anti-money laundering and terrorist financing regimes. The list is one way to prevent economic crime.
The aim of the list is to protect the EU financial system against money laundering and terrorist financing risks. The list will also make it easier to identify any suspicious money flows. According to the Commission’s press release, the list has been established following an in-depth analysis on the basis of a new methodology, which reflects the stricter criteria of the 5th anti-money laundering directive in force since July 2018.
Věra Jourová, Commissioner for Justice, Consumers and Gender Equality urges EU countries to make sure that dirty money from other countries does not find its way to our financial system. “I invite the countries listed to remedy their deficiencies swiftly. The Commission stands ready to work closely with them to address these issues in our mutual interest,” Jourová says.
Finance Finland (FFI) points out that the exchange of information between financial institutions must also be facilitated at a national level. This would have substantial benefits for the prevention of money laundering in practice.
“The prevention of money laundering requires the full-time work contribution of thousands of people and costs Finnish financial institutions tens of millions of euros each year. This illustrates the weight of the issue not only for the banking sector but also for society in general,” FFI’s Managing Director Piia-Noora Kauppi emphasises.