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The money laundering prevention government committee approved the national risk assessment report

6. May 2021 - 11:32

The money laundering and terrorism financing prevention government committee approved at its scheduled meeting, on 28 April, the national 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 NRA 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.

The national risk assessment is a study that aims to highlight the dangers, vulnerabilities and risks in Estonia, related to money laundering, terrorism financing and spread of weapons of mass destruction, as well as the most widespread ways of laundering illegal revenue or financing terrorist acts. The NRA is based on the methodology of the World Bank, which has gone through appropriate adaptions by PwC that make it suitable for the peculiarities of Estonia. Ten different work groups contributed to the completion of the risk evaluation. A total of nearly 80 specialists of the field, from the public and private sector participated in the work of the groups.

The government committee also discussed the current situation of the preparations for the new evaluation by Moneyval, the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, scheduled for spring of 2022. Moneyval will analyse at the evaluation taking place this time, how does Estonia apply in practice laws and regulations and what is the capacity of Estonian institutions to actually prevent money laundering.

The activities of the money laundering prevention and terrorism financing government committee, include the shaping of policy on money laundering and terrorism prevention, as well as coordination in the mapping of national risks and compiling the action plan for their mitigation. The committee consists of the top managers of many ministries, the Tax and Customs Board, Prosecutor's Office, police institutions, Eesti Pank and the Financial Supervision Authority.

The NRA report will be released in the upcoming weeks to the full extent, on the website of the Ministry of Finance.

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