As a part of the Technical Support Instrument (TSI) initiative for Estonia “Strengthening of Estonian anti-money laundering framework”, the Council of Europe Economic Crime and Cooperation Division (ECCD), in cooperation with the European Commission Directorate General for Structural Reform Support (DG REFORM) is currently providing Estonian authorities support to strengthen the strategic analysis function of their Financial Intelligence Unit (FIU).
For this purpose, two technical papers were developed and further on presented and debated during a roundtable discussion on 9 June 2022. The first technical paper focused on the analysis of the current legal and institutional framework and recommendations for the development and strengthening of the strategic analysis process of the Estonian FIU and the second on the effectiveness of the use of FIU strategic analysis in Estonia which included good practices, options for improvement and recommendations for developing new strategic analysis products.
The first technical paper was the result of a thorough review process. Firstly, the Council of Europe´s experts conducted a review of the Estonian legal framework including bylaws applicable to and relevant for the functioning of the FIU and access to data. The review took into account the legal framework, ML/TF National Risk Assessment, strategic AML/CFT planning documents, the available data, feedback from the authorities and information exchange modalities. The review resulted in the aforementioned technical paper that provides analysis and recommendations for developing and strengthening the system and potential legislative amendments.
The second technical paper was the result of a review process that started with an analysis on the level of use of the strategic analysis function in Estonia, and based on a comparative analysis with other countries, solutions were outlined for enhancing the capacities of the FIU in relation to strategic analysis. The final aim of the second technical paper was to increase the awareness of Estonian authorities on different solutions regarding strategic analysis function.
The activity was organised within the framework of the Technical Support Instrument project “Strengthening of Estonian anti-money laundering framework” funded by the European Commission Directorate General for Structural Reform Support (DG REFORM), and the Council of Europe and implemented by the Council of Europe.