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03 October 2017

Act on Preventing Money Laundering and Terrorist Financing (444/2017) into force on 3 July 2017


The new Finnish Act on Preventing Money Laundering and Terrorist Financing (444/2017) came into force on 3 July 2017, apart from Chapter 5 of the Act, which comes into force on 1 July 2019, and sections 2 and 3 of Chapter 6, which come into force on 1 January 2019.

The Act on Preventing Money Laundering and Terrorist Financing sets out an obligation for advocates acting in certain financial transactions to perform risk-based assessment and customer due diligence, and report suspicious transactions or suspicions of terrorist financing to the Financial Unit of Investigation of the National Bureau of Investigation.