Estonia Steps Up Efforts to Combat Money Laundering and Terrorist Financing
Estonia’s government has launched an action plan aimed at mitigating the risks of money laundering and terrorist financing in the country. The plan focuses on identifying, assessing, and analyzing the risks associated with these crimes and implementing measures to prevent them.
Key Responsibilities
The Ministry of Finance will be responsible for overseeing the implementation of the measures outlined in the plan. These responsibilities include:
- Identifying fields of higher and lower risk
- Establishing a risk appetite
- Developing a risk management model
- Establishing a committee to advise on the performance of its functions, comprising representatives from various government agencies, financial institutions, and other relevant bodies
Obliged Entities’ Responsibilities
Obliged entities such as banks and financial institutions are required to:
- Prepare a risk assessment identifying potential risks and implementing measures to mitigate them
- Establish rules of procedure for managing these risks
- Submit their documents to the competent supervisory authority upon request
“We recognize the importance of combating money laundering and terrorist financing in Estonia,” said [Minister’s name], Minister of Finance. “This action plan will help us identify and mitigate the risks associated with these crimes, ensuring a safer financial system for our citizens.”
Authorities Involved
The following authorities are involved in the implementation of the action plan:
- Ministry of Finance
- Financial Intelligence Unit
- Estonian Financial Supervision Authority
- Eesti Pank (the central bank)
- Other relevant government agencies and bodies
Time Limits
The action plan is expected to be implemented within the next six months, with regular checks and evaluations to ensure its effectiveness.
National Risk Assessment
A national risk assessment will be conducted by the Ministry of Finance in collaboration with other authorities. The results of this assessment will inform the development of AML/CT policies and legislative amendments.
The Estonian government is committed to combating money laundering and terrorist financing, and this action plan is a critical step towards achieving that goal.