The study sheds light on the language of moral panic and moral regulation in the Finnish news media over a 9-year period on the subject of cartels and cartel agreements. What makes the case particularly interesting is that the object of the most explicit moral panic was the introduction of new laws (leniency programmes) designed to regulate illegal cartel behaviour. The main argument is that the construction of both moral regulation and moral panic in news media takes place through essentializing discursive claims that contribute to national identity construction. The study contributes to current literature on moral panics as ideologico-discursive phenomena and throws some light on the power-laden discursive processes that work to reconstruct, essentialize and stabilize identities. In addition, there are some suggestions as to why some moral panics fail to develop.