Estonia’s minister of finance has said the country must bolster efforts against financial crime or risk falling onto a dreaded global blacklist of high-risk countries, ahead of an inspection by global standards setters.
The Baltic state is in line for a mutual evaluation by MONEYVAL in 2021. The body acts as a regional assessor for the Financial Action Task Force (FATF), which establishes minimum standards for countries’ anti-money laundering (AML) and counter-terrorist financing controls.
Since its last evaluation in 2014 the country has been host to high-profile financial crime scandals, prompting finance minister Martin Helme to express concerns that Estonian institutions could be frozen out of the international financial sector.
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