Finland has enacted laws and regulations against money
laundering. The Finnish Act on Preventing and Clearing Money
Laundering and Terrorist Financing ("Act") is based on
the EC's Third Money Laundering Directive (2005/60/EC) and
international standards. It entered into force on 1 August 2008 and
replaced the previous Finnish act on preventing and clearing money
laundering. The purpose of the Act is to prevent money laundering
and terrorist financing, to promote their detection and
investigation and to reinforce the tracing and recovery of the
proceeds of crime.
The Act applies to many professionals and entities, such as
banks and credit institutions, investment firms, management
companies, tax advisors, real estate businesses and apartment
rental agencies and even attorneys. Several of these professionals
and entities are regularly involved in various types of real estate
transactions. In the following, they are referred to as parties
subject to reporting obligation
