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Police say $13 bln of funds laundered through Estonia
28 May 2018

Estonian police said on Friday more than $13 billion (11 billion euros) was laundered through the small Baltic state’s banks from 2012 to 2016, with at least $7.3 billion through non-resident bank accounts.

The Baltic region has been hit with revelations of money laundering from Russia, Moldova and Azerbaijan via non-residents bank accounts which has forced banks in Estonia and neighbour Latvia to close.

The Estonian police’s Financial Intelligence Unit (FIU) said that besides more than $6 billion laundered via Estonian banks in schemes discovered by national financial inspection agencies, a further unreported 7.3 billion euros was laundered via Estonian banks through the sale of Russian stocks and bonds.

The report said that as restrictions were imposed on the Russian financial system, Russian assets were transferred to non-residents’ accounts in Estonian banks for them to be liquidated through the Estonian financial system.

“In 2012, more than 7.3 billion euros in securities from Russia were processed through the Estonian financial system. The proceeds were transferred to dozens of jurisdictions and thousands of companies for various goods and services,” the FIU said in its annual report.

– By Reuters, 25 May 2018.

Link to Reuters.

Read more:

EU adopts 5AMLD: New anti-money laundering rules sail through Council

EU Sixth Anti-Money Laundering Directive (6AMLD) – Expert analysis of new EU measures

US seeks to sanction Latvian Bank ABLV over money laundering

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