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Finland’s government has launched a public consultation on its plans to reform the country’s Money Laundering Act and bring its financial crime regime into line with EU regulations.
Replacing the current legislation will streamline Finland’s anti-money laundering (AML) framework, the government believes.
As part of the intended overhaul, the government wants to repeal the current legislation and replace it with “comprehensive” new laws that would implement the EU’s AML and counter-terrorism financing (CTF) rules.
The proposed Act on the Prevention of Money Laundering and the Financing of Terrorism and certain related acts would also amend 14 other laws, including:
- The Act on the Financial Intelligence Unit.
- The Act on the Supervision System for Bank and Payment Accounts.
- The Act on Financial Supervision.
- The Payment Institutions Act.
Finland’s Ministry of Finance had appointed a working group to prepare the draft government proposal on implementing the EU’s AML/CTF regulations.
The laws are set to come into force mainly on July 10, 2027, in tandem with the application date of Regulation (EU) 2024/1624.
The proposed amendments would implement the EU's new AML/CTF regulation, while some would strengthen compliance with the recommendations of the Financial Action Task Force (FATF).
Finland’s government believes the reforms will enhance supervision, harmonise regulation and contribute to the strengthening of AML/CTF measures internationally.
The deadline for consultation responses is August 22, 2025.
Harmonising regulation
The consultation comes with the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) due to begin operations in Summer 2025, and introduce a fresh approach to countering money laundering in the EU.
Key to AMLA’s success will be its ability to coordinate activity and enforce rules among member nations such as Finland.
AMLA’s goal is to become the centre of an integrated system of national AML/CTF supervisory authorities, ensuring mutual support and cooperation.
If effective, it should increase the EU’s ability to detect and prevent money laundering, closing gaps that criminals have exploited for years and that the EU’s previous directives have failed to deal with.
Rising concerns
As concerns about money laundering and terrorist financing increase around the world, particularly given the ease with which crypto-assets can be used in fraud, authorities have moved to strengthen their AML/CTF regimes.
For example, the inclusion of meaningful AML requirements was a key point in the negotiations of the precise terms of the GENIUS Act as it progressed through the US Senate in recent weeks.
Similarly, Hong Kong’s new stablecoin licensing framework, which is due to come into effect on August 1, 2025, will impose new AML compliance expectations on covered firms, due to the “intermediary” role played by stablecoin issuers.
And during May and June, the Australian government conducted a second public consultation on the country’s AML/CTF regime, following legislation passed last year.
The Finnish authorities have themselves proven assiduous in their pursuit of financial crime.
As covered by Vixio, in June 2025, the Finnish Financial Supervisory Authority (FIN-FSA) fined LocalBitcoins over AML/CTF failures, citing widespread deficiencies in customer due diligence and identity verification.
The financial penalty stems from a 2024 inspection of the now-defunct peer-to-peer bitcoin platform’s AML/CTF controls.
