Financial Action Task Force (FATF) in ESTONIA: Key Updates and Amendments

=====================================================

The Financial Action Task Force (FATF) has been actively working to strengthen its standards and guidelines to combat money laundering, terrorist financing, and other financial crimes. Estonia, as a member of the FATF since 2002, has been actively involved in these efforts.

Recent Meetings and Updates

October 2023 Plenary Meeting

During the plenary meeting held in October 2023, the FATF reviewed and revised several key recommendations aimed at strengthening its asset recovery standards and glossary definitions related to asset recovery. Additionally, Recommendation 8 and Interpretive Note 8 were revised to clarify the implementation of focused, targeted, and risk-based measures on non-profit organizations.

June 2023 Updates

In June 2023, the FATF revised Recommendations 24 and 25, as well as glossary definitions related to beneficial ownership of legal persons. These revisions aim to strengthen the standards on beneficial ownership of legal arrangements.

February 2023 Review and Revisions

In February 2023, the FATF reviewed and revised several key recommendations aimed at combating money laundering and terrorist financing. The revisions included updates to Recommendation 24, Interpretive Note 24, and glossary definitions related to asset recovery.

Virtual Assets and Service Providers

The FATF has also been actively reviewing and revising its standards on virtual assets and service providers. In June 2021, the organization revised Interpretive Note 15 to clarify the applicability of proliferation financing risk assessment and mitigation requirements to virtual asset activities and service providers.

October 2021 Revisions

In October 2021, the FATF reviewed and revised several key recommendations aimed at strengthening its standards on designated categories of offenses and group-wide programs for DNFBPs. The revisions included updates to Recommendation 22/23 and glossary definitions related to financial groups.

Estonia’s Commitment

Estonia has been a member of the FATF since 2002 and has actively participated in the organization’s efforts to combat money laundering and terrorist financing. The country is committed to implementing the FATF standards and guidelines to ensure its financial system remains secure and stable.

Conclusion

The Financial Action Task Force (FATF) continues to work towards strengthening its standards and guidelines to combat money laundering, terrorist financing, and other financial crimes. Estonia’s commitment to implementing these standards and guidelines will help support the country’s efforts to prevent the misuse of the financial system and promote economic stability.