Åland Islands Country Summary
Sanctions
No
FATF AML Deficient List
No
Terrorism
Corruption
US State ML Assessment
Criminal Markets (GI Index)
EU Tax Blacklist
Offshore Finance Center
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
The Åland Islands is an autonomous region of Finland. Information for Finland may be included below:
FATF Status
Finland is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The last Follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Finland was undertaken in 2023. According to that Evaluation, Finland was deemed Compliant for 9 and Largely Compliant for 28 of the FATF 40 Recommendations. It remains Highly Effective for 1 and Substantially Effective for 3 of the Effectiveness & Technical Compliance ratings.
Sanctions
There are no international sanctions currently in force against this country
Bribery & Corruption
| Rating | 0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 87 |
| World Bank: Control of Corruption Percentile Rank | 100 |
The Åland Islands, as an autonomous region of Finland, follows the country's legal framework regarding corruption, which is addressed in the criminal code with penalties ranging from fines to imprisonment. Various authorities, including the Ministry of Justice and the National Bureau of Investigation, collaborate on anti-corruption efforts, while large companies are mandated to report on their anti-bribery policies. Despite isolated incidents of corruption, Finland's regulatory environment is largely transparent, with a strong emphasis on internal controls and civil society involvement.
Economy
Åland's economy is primarily driven by shipping, trade, and tourism, with shipping accounting for about 40% of its economic activity. The region boasts a significant number of small businesses, and its unique tax regulations enhance tourism, attracting around two million visitors annually. Additionally, Åland has a high GDP per inhabitant, well above the EU average, indicating a resilient and attractive investment environment.
The investment climate in Åland is characterized by its autonomous status, which offers a stable regulatory environment for businesses. However, there are restrictions for non-residents concerning real estate ownership and certain services, which may deter foreign investment. Despite these challenges, Åland's economy has demonstrated resilience and boasts a GDP per inhabitant that is significantly above the EU average, enhancing its appeal for investors.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings
