Financial Crime World

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Estonian Government Establishes Committee to Combat Money Laundering and Terrorist Financing

New Measures to Prevent Financial Crimes

The Estonian government has established an Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Committee to oversee efforts to prevent financial crimes in the country. The committee will develop policies and legislative amendments to combat money laundering and terrorist financing, as well as work with other countries to share information and best practices.

New Risk Assessment Requirements for Financial Institutions

Financial institutions must now prepare a risk assessment that takes into account various factors such as customer risks, country risks, product risks, and communication risks. This will help financial institutions identify high-risk areas and develop strategies to mitigate these risks.

  • Factors considered in the risk assessment:
    • Customer risks
    • Country risks
    • Product risks
    • Communication risks

The government has also established a Market Participants Advisory Committee to advise on the implementation of the new requirements.

Internal Controls and Risk Management

Financial institutions must establish internal control rules to ensure compliance with AML/CFT regulations. These rules must include procedures for:

  • Applying due diligence measures
  • Identifying and managing customer risks
  • Conducting employee screening

The government has given financial institutions until [insert date] to prepare their risk assessments and implement new internal controls. Failure to comply with these requirements may result in penalties or fines from regulatory authorities.

National Cooperation

Estonia is committed to international cooperation in combating money laundering and terrorist financing. The country will work closely with other countries to share information, best practices, and expertise in this area.

Contact Information

For more information on Estonia’s AML/CFT regulations, please contact:

  • [Name]
  • Ministry of Finance
  • [Email]
  • [Phone]

Source: Estonian Government