Estonia

New Documents

Moneyval Conducts On-Site Evaluation Visit in Estonia

The Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism announced that a team of evaluators undertook an on-site visit to Estonia from April 25 to May 6, 2022.

May 20, 2022

Estonia FIU Releases Strategy for 2022 to 2026

The Financial Intelligence Unit of Estonia published its operational strategy for 2022-2026, highlighting a focus on developing money laundering and terrorist financing risk management and analysis.

January 7, 2022

Estonia Ministry of Finance Highlights Stronger Regulations on VASPs to Mitigate Financial Crime

January 4, 2022

Latvia FCMC Announces Coordinated Baltic Effort Targeting Luminor AS for AML Weaknesses

September 2, 2021

GRECO Publishes Fifth Round Evaluation Compliance Report on Estonian Anti-Corruption Regime

March 30, 2021

News

Midweek Roundup: Binance Handled Billions of Dollars in Suspicious Funds, Guptas Arrested in Dubai, and More

U.K. lawmakers target legal entities in Northern Ireland, Hong Kong arrests 16 suspected money launderers, and more, in the midweek roundup.

June 8, 2022

Weekly Roundup: Ex-Goldman Sachs Banker Convicted in 1MDB Trial, Canada Previews AML Reforms, and More

U.K. pledges tougher AML enforcement, London law firms under scrutiny for Kremlin ties, and more, in the weekly roundup.

April 8, 2022

Weekly Roundup: Estonia Probes Swedbank for AML Breaches, ECB Shutters Russian-Linked Lender in Cyprus, and More

March 25, 2022

Midweek Roundup: Disgraced Goldman Sachs Banker Describes 1MDB Scheme, New York Fines MoneyGram, and More

March 16, 2022

Midweek Roundup: Biden Orders Cryptocurrency Review, FinCEN Warns of Russian Sanctions Evasion, and More

March 10, 2022

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

Technical Effectiveness
Compliant : 8 High :
Largely Compliant : 27 Substantial :
Partially Compliant : 12 Moderate :
Non-Compliant : 1 Low :
Not-Applicable : 1

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