EstoniaThe Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism announced the commencement of its 5th round mutual evaluation process concerning Estonia.
The Estonia Ministry of Finance issued a press release on virtual currency providers noting that in 2020 the Financial Intelligence Unit withdrew more than 1,000 active licenses of virtual currency companies.
Cryptocurrency industry slams U.S. plan to broaden reporting requirements, China AML-related fines tripled in 2020, and more, in the midweek roundup.
Lockdowns, Legal Changes and Leak Fatigue: the Year in AML
In the waning days of 2019, when news emerged that the novel coronavirus had begun spreading beyond Wuhan, China, few grasped the scale of the human tragedy, economic catastrophe and inspiring resilience that the coming year would witness.
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.
| Technical | Effectiveness |
|---|---|
| Compliant : 8 | High : |
| Largely Compliant : 27 | Substantial : |
| Partially Compliant : 12 | Moderate : |
| Non-Compliant : 1 | Low : |
| Not-Applicable : 1 |
| Rank : 141/141 |
| Score : 2.36/10 |
| Rank : 18/180 |
| Score : 74/100 |
| Rank : 121/133 |
| Score : 43/100 |