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The government committee approved the supplemented Moneyval Action Plan

3. February 2021 - 15:10

The Government Anti-Money Laundering Commission, on Tuesday 2 February, approved at its regularly scheduled meeting, the supplemented action plan for the preparation of the Moneyval evaluation. The Government Commission also received an operational overview of the activities of the Financial Intelligence Unit, Financial Supervision Authority, the State Prosecutor's Office and the Police and Border Guard Board, in the field of money laundering prevention.

The subject of the prevention of money laundering and terrorism financing, is an important subject, for the new government coalition, according to the head of the Government Committee, Minister of Finance, Keit Pentus-Rosimannus. "Estonia desires to apply the best practices possible, in the prevention of money laundering and terrorism financing and also to create them, itself if needed. Our financial system must be open to the law-abiding client and closed to offenders", stressed Pentus-Rosimannus.

The government committee thoroughly discussed the current state of the preparations for the new evaluation by Moneyval, scheduled for January 2022. Moneyval is the expert committee of the Council of Europe on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism. Moneyval will assess at the evaluation taking place this time, how Estonia in practice applies laws and regulations, as well as what is the actual capacity of Estonian institutions in hindering money laundering. "Estonia as a state, must treat the given evaluation very seriously, as the developments of the last years and the evaluation summarising the current situation, significantly impacts how Estonia is treated on the international credit market", explained the Minister of Finance.

The action plan approved a year ago, had to be supplemented, as resulting from COVID, training plans required amendments, as well as the tasks of the Financial Intelligence Unit required clarification, which moved at the beginning of the current year, into the jurisdiction of the Ministry of Finance.

The Commission also received an overview of the most important 2021 activities of the Ministry of Finance, in the field of prevention of money laundering and terrorism financing, developments within the European Union and the project of restructuring the Financial Intelligence Unit.

The activities of the Government Anti-Money Laundering Commission, include the formulation of policy on money laundering and terrorism prevention, as well as the coordination in mapping of national risks and devising an action plan for their mitigation. The committee consists of the top leaders of many ministries, the Tax and Customs Board, the Prosecutor's Office, police institutions, Eesti Pank and the Financial Supervision Authority.

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