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European Union satisfied with money laundering prevention activities in Estonia

24. December 2008 - 0:00

At the Moneyval plenary meeting of the European Council from 8 to 12, the Minister of Finance successfully defended the report on the prevention of money laundering and terrorist financing which supports the successes and current activities of Estonia.

The final report passed at the Moneyval meeting is predominantly positive about the system for prevention of money laundering and terrorist financing used in Estonia. The final report recognises the work done in Estonia and the country’s efforts in the fight against money laundering and terrorist financing.

The main aspect highlighted in the Moneyval report are awareness of market participants of the risks of money laundering and the requirements of established legislation. Experts also gave some recommendations for further activities, which includes the management of money laundering risks related to developments in information technology.
“A positive option of our activities supports the reputation of Estonia as a country with an open economic environment and a reliable financial system,” said Deputy Secretary-General of the Ministry of Finance Veiko Tali.

In Estonia, the third assessment stage by the Moneyval expert commission of the European Council that deals with the fight against money laundering started with a visit in the beginning of 2008. An overview about the situation in the prevention of money laundering and terrorist financing in Estonia was prepared under the coordination of the Minister of Finance before the visit.
 
During the assessment stage, the experts paid attention to the efficiency of Estonia’s system of money laundering and terrorist financing prevention and it was one of the first countries where the compliance of laws with the directives of the European Parliament and Council was separately assessed.

Moneyval (Select Committee of Experts on the Evaluation of Anti Money Laundering Measures) is the expert committee of the European Council that deals with the fight against money laundering and its goal is to conduct mutual evaluations of the measures employed in the prevention of money laundering and terrorist financing. The goals of Moneyval member states also include promotion of international cooperation and distribution of information about anti money laundering measures, the options of their implementation and the trends of money laundering in Europe.


For further information please contact:

Piret Seeman
Ministry of Finance
Public Relations Department
Telephone: +372 611 3035
Mobile: +372 524 4244
E-mail: piret.seeman@fin.ee

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