Digital Hub Estonia Stalls On AML Reforms

Despite coming under renewed international scrutiny after an Estonian bank was used to launder $1.6bn earlier this year, legal experts are doubtful that EU financial crime reforms will be completed before 2018.

The deadline for transposing the 4th Anti-Money Laundering Directive (4th AMLD) passed on Monday this week, but Estonia was one of many member states that failed to meet the deadline.

Anneli Krunks, an associate in the Tallinn practice of Sorainen and a former compliance officer, laid out the situation as it stands and said the directive will be discussed further in parliament in September.

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