Åland Islands Country Summary
Sanctions
Low Concern
FATF AML Deficient List
Low Concern
Terrorism
Medium Concern
Corruption
Low Concern
US State ML Assessment
Low Concern
Criminal Markets (GI Index)
Low Concern
EU Tax Blacklist
Low Concern
Offshore Finance Center
Low Concern
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
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 88 |
| World Bank: Control of Corruption Percentile Rank | 100 |
The Åland Islands, 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. Finland has ratified multiple anti-corruption conventions and is recognized for its commitment to combat corruption, although concerns remain regarding the enforcement of foreign bribery laws.
Economy
Åland's economy is primarily driven by shipping, trade, and tourism, with shipping accounting for approximately 40% of economic activity. The region also hosts a number of small businesses and has a growing wind power sector, while its unique tax situation allows for tax-free sales on ferries between Sweden and Finland.
The investment climate in Åland is shaped by its autonomous status and favorable tax regulations, which can attract foreign investments. However, potential investors may face challenges due to restrictions on property ownership for non-residents. Despite these challenges, Åland's strategic location and stable political environment contribute to its economic prosperity.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings