European Interest

Anti-money laundering bill dropped in Estonia

Wikimedia Commons/CC BY-SA 4.0 Author: Rastrojo
A view of the Riigikogu (Parliament of Estonia) in the Toompea Castle of Tallinn.

Estonian lawmakers will not debate a bill aimed to combat money-laundering, at least not for now. The country’s parliament dropped the proposed law.

Speaking to the Reuters news agency, lawmakers said they expect the proposal, drafted after a scandal involving Denmark’s Danske Bank, to be revived later this year following a March 3 general election.

“The current parliament will not discuss this topic further,” a parliamentary spokeswoman said.

As reported by Reuters, anti-money-laundering laws have been under scrutiny since Danske Bank said last year that €200bn of payments, many of which it described as “suspicious”, had been moved through its Estonian branch between 2007 and 2015.

The proposed new law included provisions such as increasing the maximum penalties applicable to financial institutions and giving more powers to the Financial Intelligence Unit.

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