The Estonian money laundering and terrorism financing prevention government committee approved at its scheduled meeting, on 28 April, the AML risk assessment (NRA) report. The government committee members also received an operational overview of the activities of the Financial Intelligence Unit, Financial Supervision Authority, Prosecutor’s Office and the Police and Border Guard Board, in the field of preventing money laundering, as well as preparations for the Moneyval evaluation.
The release of the AML risk assessment report is an important step in the fight against money laundering, according to the head of the government committee, Minister of Finance Keit Pentus-Rosimannus. “The cooperation of the public sector with entrepreneurs is important in mitigating the risks, established in the report. Virtual currencies, for example, that have been highlighted as with higher risk, require rapid regulatory changes, to better mitigate the risks. We must at the same time not entirely shut down the innovative sector in Estonia that is throughout the world developing very quickly. It is important to agree upon what kinds of crypto companies we want in Estonia, and which are undesired. The financial system of Estonia must be open to the law-abiding client and closed for violators of the law,” explained Keit Pentus-Rosimannus.
Below, we provide a brief summary made by RCA of the published risk assessment, focusing on the risks, problems, and possible solutions related to the virtual currencies and virtual assets that are mentioned in the report.