Title: Estonian Crusade Against Financial Crime: Key Players and Regulations

Key Players in Estonia’s Fight Against Financial Crime

The Ministry of Finance (MoF)

• Policy-making
• Legislation
• Coordination of related activities

Estonian Financial Intelligence Unit (FIU)

• Analysis and verification of suspicious activities
• Swift forwarding of materials to competent authorities
• Asset preservation

Law Enforcement Agencies

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

Financial Supervision Authority

• Financial sector stability, reliability, and transparency
• Money laundering prevention oversight

Committees and Organizations

Governmental committee for Money Laundering Prevention

• Promoting the fight against financial crimes
• Chaired by the Minister of Finance

Advisory Committee of Market Participants

• Sharing information and expanding communications
• Increasing awareness and engaging entrepreneurs in legislation development

Legal Framework and Obligations

• Estonian Anti Money Laundering and Terrorist Financing Prevention Act (2008)
  • Clear obligations for various entities

Entities Required to Report Cash Transactions

• Banks
• Financial service providers
• Organizers of games of chance
• Real estate traders
• Pawnbrokers
• Auditors
• Consultants

Registration Requirements for Certain Services

• Persons providing loans
• Currency exchange services

Designated Professionals

• Notaries
• Lawyers

International Collaboration

Financial Action Task Force (FATF)

• Development and promotion of international policies against money laundering and terrorist financing
• Membership expansion since 1989

Moneyval

• Evaluation mechanism for non-FATF members
• Ensuring effective anti-money laundering and counter-terrorist financing systems since 1997

Regular Assessments by Moneyval

• Compliance with international standards against money laundering and financing of terrorism
• Enhancing Estonia’s financial crime prevention framework