Financial Crime World

Estonian Financial Intelligence Unit’s 2021 Activities Focus on Organized Crime and International Cooperation

Introduction

The Estonian Financial Intelligence Unit (FIU) has released its annual report for 2021, highlighting the unit’s efforts to combat organized crime and improve international cooperation.

Combating Organized Crime

The FIU’s case analysis focused on organized crime, involving continuous cooperation with law enforcement agencies, including data exchange, meetings, and daily communication. The unit’s financial intelligence analysis focused on various Estonian organized crime groups and methods of action.

  • One notable example of rapid information exchange and operational cooperation between the FIU and other authorities was a case where suspicious goods were detained at the border, leading to a potential suspicion of money laundering.
  • Both institutions initiated procedures and operations in their respective sections, with an additional meeting held within days to discuss the background of the case, persons involved, and potential objectives and hypotheses.

International Cooperation

The FIU also supported the preparation of Estonia’s second national money laundering and terrorist financing risk assessment, which was completed in spring 2021. The report identified several areas for improvement and a work plan has been developed to address these shortcomings.

  • In addition, the FIU prepared for the MONEYVAL evaluation, which assesses the efficiency of Estonia’s anti-money laundering measures.
  • The unit organized training sessions for its staff and representatives of other law enforcement authorities, and assisted the state in achieving the best possible result.

Results

In 2021, the FIU:

  • Opened 196 case files
  • Filed 287 reports of criminal offenses or forwarded materials to investigative bodies, which were related to 1599 reports
  • Received a marked increase in inquiries from other countries about transactions brokered by virtual asset service providers with authorization in Estonia

Future Plans

The MONEYVAL evaluation is expected to conclude in 2023, with recommendations made to improve Estonia’s systems. The FIU has also identified some shortcomings in the preparation of the National Risk Assessment and has developed a work plan to address these issues by 2024.

Conclusion

The Estonian government has identified improving international cooperation as a key priority, and the FIU’s activities demonstrate its commitment to this goal.