Sunday, November 1, 2020

Estonia may be subjected to increased anti-money laundering surveillance

-

Estonia is currently at risk of getting listed as a country subject to enhanced surveillance where money laundering is concerned, finance minister Martin Helme (EKRE) said on Friday.

“Estonia is slated for a new Moneyval evaluation at the beginning of 2021. This time, what will be evaluated is how we are implementing different laws and regulations in practice, and what the capability of our institutions is to actually engage in combating money laundering. We need to make an effort as a state, because the present situation may not be good enough to pass the evaluation successfully,” Helme said in a press release.

Moneyval is the commonly used name of the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism. The committee is a permanent body of the council and regularly evaluates member states.

“It seems to me than several state institutions are underestimating the potential risk that in 2021 Estonia may indeed find itself on the list of countries under enhanced surveillance,” Helme stressed.

- Advertisement -

According to the minister, there would be consequences for the country’s reputation, the financial environment, and also the related administrative burden.

Estonia’s own committee on the prevention of money laundering and terrorist finance in its meeting on Wednesday focused on three main topics, namely the analysis of the money laundering cases of 2007 to 2014, further developing the legislative base to fight against such schemes, and a domestic risk assessment as well as preparations for the coming Moneyval evaluation.

Helme, who heads the Estonian committee, said that it is important to understand what actually happened in the Estonian banking sector in that time period, and why the various control mechanisms did not work well enough.

Concerning the legislative side, the committee was given an overview of the progress in implementing the EU’s Fifth Anti-Money Laundering Directive (AMLD-V). Several necessary legislative initiatives, such as a steep increase in fines to be meted out to businesses for money laundering, are already in the making, with another bill to amend the Money Laundering and Terrorist Financing Prevention Act to be ready by the end of the month.

- Advertisement -

The Riigikogu has until the end of the year to adopt the necessary legislation to implement the directive.

The governmental committee for the prevention of money laundering and terrorist finance brings together officials from the Tax and Customs Board, the Office of the Prosecutor General, the security authorities, the Bank of Estonia, and the Financial Supervision Authority.

MUST READ

Former Venezuelan national treasurer indicted in US for money laundering

Hugo Chávez’s former nurse has been charged with money laundering in a Miami federal court, accused of taking bribes from a billionaire media mogul...

Actress Lori Loughlin begins 2-month prison sentence for role in college admissions scam

Actress Lori Loughlin reported to a federal prison in Northern California on Friday to start a two-month sentence for her role in a massive...

FirstEnergy fires CEO, other executives over Ohio bribery scandal

FirstEnergy Corp. has fired its CEO amid multiple federal investigations related to an Ohio nuclear bailout law passed year. The Akron-based utility company announced in a...

Ukraine’s court strips critical power from anti-corruption agency

Ukraine's Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it...

Former South Korean President Lee Myung-bak sent back to prison for 17 years in corruption case

Former South Korean president Lee Myung-bak was ordered back to prison on Thursday (Oct 29) as the country's Supreme Court upheld a 17-year jail...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

FirstEnergy fires CEO, other executives over Ohio bribery scandal

FirstEnergy Corp. has fired its CEO amid multiple federal investigations related to an Ohio nuclear bailout law passed year. The Akron-based utility company announced in a...

Former Romanian parliament speaker jailed for corruption

The Bucharest Court of Appeal sentenced Bogdan Olteanu, a former president of Romania’s Chamber of Deputies, to five years in jail for corruption. The decision...

Former Navy chief sentenced to 27 months for role in ‘Fat Leonard’ bribery scandal

A former U.S. Navy chief petty officer involved in the wide-ranging "Fat Leonard'' bribery scandal was sentenced Friday in San Diego to 27 months...

Former solicitors used 60 fake identities, homeless people to defraud banks

A married couple who are former solicitors created 60 false identities, donned disguises and paid homeless people for their PPS numbers in order to...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks