Estonia Estonia

New Documents

Estonia FIU Highlights AML Efforts in 2023 Yearbook

The Estonian Financial Intelligence Unit shared its 2023 Yearbook to highlight significant achievements and ongoing challenges in combating financial crime.

April 11, 2024

Baltic States Issue Joint Declaration on Regional Sanctions Implementation

The Prime Ministers of Estonia, Latvia, and Lithuania issued a joint declaration acknowledging the region’s challenging position with respect to Russia.

January 31, 2024

FIUs of Baltic States Jointly Publish Strategic Assessment on Illicit Cash Flows

October 11, 2023

Estonia Outlines Plans to Use Sanctioned Assets to Compensate Ukraine

July 3, 2023

Estonia FIU Publishes 2022 Annual Report

April 26, 2023

News

Baltic Bankers, Regulators Discuss Sanctions, AML Supervisory Challenges

Russian sanctions-evasion schemes connected to the Baltics continue to grow in complexity and sophistication, officials told an industry event in Latvia on Wednesday.

March 28, 2024

Weekly Roundup: Fintrac Investigates ‘Cyber Event,’ US Officials Warn Austrian Bank, and More

Brazilian ex-president’s son charged with money laundering, lawsuit against Silvergate Bank clears hurdle, and more, in the weekly roundup

March 22, 2024

Midweek Roundup: Scottish LPs Enabling Sanctions Evasion, Cyprus Confidential Fallout Begins, and More

November 15, 2023

Midweek Roundup: SBF Trial Begins, FinCEN Prepares Real Estate Rules, and More

October 4, 2023

Midweek Roundup: Estonia Charges Ex-Danske Bank Staff, Maltese Officials Quashed Pilatus Bank Investigation, and More

April 19, 2023

Enforcement Actions

Estonia’s FIU Withdraws GFC Good Finance Company AS License for AML/CTF Failures

The Estonian Financial Intelligence Unit, Finantsinspektsioon, withdrew the operating licence of the Tallinn, Estonia based financial institution for serious breaches of anti-money laundering and terrorist financing requirements.

May 28, 2019

Key Documents

Estonia Implements Third European Money Laundering Directive

December 19, 2007

Estonian Regulator Sets Rules for Simplified CDD

April 3, 2008

Estonian Regulator Approves AML/CTF Rules of Procedure

April 3, 2008

Estonian Regulator Approves Format of Suspicious Transactions Reports

January 23, 2008

Estonian Minister Sets Procedures for ML/TF Data Collection

January 23, 2008

Estonia Creates Legal Basis for International Sanctions Implementation

December 4, 2002

Important Facts

  • The U.S. State Department identifies Estonia as a monitored jurisdiction. Estonia has a highly developed and transparent banking sector and its rule of law is recognized as established and mature. Estonia is a transit country for narcotics and other illicit goods. Transnational and organized criminal groups are attracted to Estonia due to its location between Eastern and Western Europe. Analysis of suspicious transaction reports reveals instances where the proceeds of internet crime get transferred to Estonia. Gaming both through casinos and online is legal and well regulated. Common predicate offenses for money laundering are fraud, computer fraud and tax-related offenses.
  • KYC Covered Entities: Banks and credit institutions; lottery and gaming institutions; real estate firms and pawnbrokers; auditors, accountants, and accounting and tax advisors; service providers for trust funds and business associations; notaries, attorneys, and bailiffs; trustees in bankruptcy and legal services providers; dealers of high-value goods, precious metals, INCSR 2016 Volume II Country Database 162 precious metals articles, or precious stones; and nongovernmental organizations and foundations if they receive a cash payment exceeding established thresholds
  • STR Covered Entities:  Banks and credit institutions; lottery and gaming institutions; real estate firms and pawnbrokers; auditors, accountants, and accounting and tax advisors; service providers for trust funds and business associations; notaries, attorneys, and bailiffs; trustees in bankruptcy and legal services providers; and dealers of high-value goods, precious metals, precious metals articles, or precious stones
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 32 (January – September 2015); Convictions: 30 (January – September 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 7 High : 0
Largely Compliant : 18 Substantial : 3
Partially Compliant : 15 Moderate : 8
Non-Compliant : 0 Low : 0

BASEL i

Rank : 141/141
Score : 2.36/10

TRANSPARENCY INTERNATIONAL i

Rank : 17/179
Score : 75/100

Tax Justice Network i

Rank : 121/133
Score : 43/100