Financial Crime World

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Estonia Unrelenting in Fight Against Financial Crime: Collaboration Between Government Agencies and Businesses Key to Success

Introduction

Tallinn - In its relentless pursuit to prevent money laundering and terrorist financing, Estonia has witnessed a surge in collaboration between government agencies and businesses. At the forefront of this endeavour is the Ministry of Finance, which sets policies, legislation, and coordinates activities aimed at combating financial crimes.

Key Players in the Fight Against Financial Crime

Estonian Financial Intelligence Unit (FIU)

The FIU is an independent structural unit of the Estonian Police and Border Guard Board. Its role involves:

  • Examination and authentication of information concerning suspected money laundering or terrorist financing
  • Execution of measures to preserve property when required
  • Forwarding materials to competent authorities upon detection of criminal offenses

Relevant Authorities Involved in Combating Financial Crimes

The following authorities are actively involved in identifying criminals and imposing legal consequences:

  • Prosecutor’s Office
  • Security Police
  • Tax and Customs Board
  • Courts
  • Financial Supervision Authority

Governmental Committee for Money Laundering Prevention

Chaired by the Minister of Finance, this committee brings together members from various ministries, the Tax and Customs Board, the Prosecutor’s Office, police, Bank of Estonia, and the Financial Supervision Authority to drive efforts towards thwarting illicit activities. The committee holds frequent meetings to promote coordination and cooperation among its members.

Advisory Committee of Market Participants

This committee comprises entrepreneurs, financial institutions, and other stakeholders aimed at:

  • Fostering dialogue
  • Information sharing
  • Communication
  • Raising awareness about financial crimes
  • Encouraging legislative development

Role of Individuals in the Financial Sector

Individuals employed in the financial sector, as well as those providing real estate services, auditing, accounting, and consulting services, play a crucial role in money laundering prevention. Obliged persons are required to report large cash transactions to the Financial Intelligence Unit, while entities such as entrepreneurs, financial institutions not subject to Financial Supervision Authority supervision, loan providers, and currency exchange offices must register in Estonia’s Register of Economic Activities to provide their services in the country.

Conclusion

For more information on Estonia’s efforts to prevent money laundering and terrorist financing, please visit the Ministry of Finance’s website.