published today 06:56 AM, updated today 06:59 AM

Russian criminals often use Finland for money laundering, reports the business daily Kauppalehti. The National Bureau of Investigation is looking into a number of recent cases of suspected money laundering. However Finnish laws on the subject are lax.

Kauppalehti says ill-gotten gains are invested in financial instruments, businesses and real estate in order to convert them into legitimate funds.

According to the paper, recent suspected cases of money laundering by foreigners may run into the millions of euros.

Investing funds acquired illegally as such is not against Finnish law, so authorities cannot confiscate money while tracking its origin. Unlike in many other European countries, money laundering is only considered a crime if it is carried out by someone other than the criminal who wrongly obtained the funds.

There is pressure on Finland to outlaw money laundering. However a Justice Ministry panel looking into the issue decided that no change in legislation was needed. However Parliament may consider changes in the law this autumn.