Financial Crime World

Estonia Receives Positive FATF Assessment, Improves Financial Action Task Force Ratings

Estonia’s Progress in Combating Money Laundering and Terrorist Financing

Tallinn, Estonia - The Financial Action Task Force (FATF) has issued its Benin Follow-Up Report for 2023, evaluating Estonia’s progress in implementing the technical requirements of the FATF Recommendations. According to the report, Estonia has made significant improvements, with several areas rated “largely compliant” or “partially compliant”.

Evaluating Estonia’s Efforts

The report assesses Estonia’s efforts in combating money laundering and terrorist financing across various sectors, including:

  • National cooperation and coordination
  • Confiscation and provisional measures
  • Targeted financial sanctions related to terrorism and terrorist financing, proliferation, and non-profit organisations

Positive Findings

Estonia received a rating of “largely compliant” for:

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2) and money laundering offence (R.3)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6), proliferation (R.7), and non-profit organisations (R.8)

Areas for Improvement

However, Estonia was found to be “non-compliant” in:

  • Transparency and beneficial ownership of legal persons (R.24) and arrangements (R.25)

The country also received a rating of “partially compliant” for:

  • Regulation and supervision of financial institutions (R.26)
  • DNFBPs (R.28)
  • Cash couriers (R.32)

Minister’s Response

Estonia’s Finance Minister, Ken-Marti Vaher, welcomed the report’s findings, stating that the country is committed to continuing its efforts in combating money laundering and terrorist financing.

“We are proud of our progress and will continue to work towards achieving full compliance with FATF standards,” he said.

Availability of the Report

The Benin Follow-Up Report 2023 provides a comprehensive overview of Estonia’s progress in implementing the FATF Recommendations, highlighting areas for improvement and providing guidance for future action. The report is available on the FATF website.