Estonia plans new legal measures to combat money laundering

TALLINN (Reuters) - Estonia said on Friday it was planning to toughen anti-money laundering rules by forcing people suspected of benefiting from suspicious financial transactions to prove their wealth came from legitimate sources.

Reuters October 20, 2018 00:07:44 IST
Estonia plans new legal measures to combat money laundering

Estonia plans new legal measures to combat money laundering

TALLINN (Reuters) - Estonia said on Friday it was planning to toughen anti-money laundering rules by forcing people suspected of benefiting from suspicious financial transactions to prove their wealth came from legitimate sources.

Up to now, prosecutors have been forced to show that wealth was illegally obtained, but the proposal will put the burden of proof on the suspect. Similar legislation is in force in Great Britain, Ireland, Italy, Netherlands and Slovakia.

"This would mean that there is a real danger of losing one's assets when attempting to launder money through the Estonian financial system," Finance Minister Toomas Toniste said in a statement.

Estonia has been under the regulatory spotlight after Denmark's Danske Bank said payments totaling 200 billion euros ($229.90 billion), many of which it described as "suspicious", had been moved through its Estonian branch between 2007 and 2015.

Earlier this month, U.S. authorities launched an investigation into Danske's activities in Estonia.

Estonia's Anti-Money Laundering Commission has been tasked with drawing up a set of proposals on strengthening anti-money laundering (AML) legislative measures, which is due to be presented to the government in October.

The October proposals to the government will also report on the actions of the financial regulator, the Financial Intelligence Unit and the prosecution authority in relation to their actions in the Danske Bank case.

($1 = 0.8699 euros)

(Reporting by Tarmo Virki; Editing by Simon Johnson and Louise Heavens)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.