Dec.25, 2009, 05:52 PM

The Central Federation of Finnish Real Estate Agencies (KVKL) says it’s planning to step up efforts to fight money laundering. Earlier this week commercial broadcaster MTV3 reported that realtors rarely disclose suspicious activities.

Last year realtors tipped off authorities on 10 suspicious transactions. Overall, authorities received some 22,000 tips in 2008.

In its statement, the federation’s CEO Jukka Malila admits that money laundering reports are rare in the business.

“There will be a change when realtors are handed our new guideline on fighting money laundering and terrorism,” explains Malila.

Banks and gaming companies most frequently report money laundering suspicions to the authorities.

Money laundering refers to the practice of criminals attempting to disguise the origins of money obtained from illegal activities.