Estonia has improved its measures to counter money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction, concludes the Council of Europe’s monitoring body MONEYVAL in a follow-up report released today.
The report found Estonia to have made progress towards strengthening to a large extent its legal and institutional framework for the implementation of targeted financial sanctions related to proliferation financing of weapons of mass destruction (Recommendation 7) and the new technologies (Recommendation 15).
Overall, out of the 40 recommendations, Estonia is currently rated as:
- Compliant on seven recommendations;
- Largely compliant on twenty-one recommendations;
- Partially compliant on twelve recommendations.
None of the FATF recommendations are assessed as non-compliant.
Estonia remains under MONEYVAL’s enhanced follow-up process. The country is expected to report back on its further progress in strengthening anti-money laundering and combatting terrorism financing measures in one year’s time.
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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a Council of Europe monitoring body and a Financial Action Task Force-Style Regional Body which assesses compliance with the main international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. It comprises 35 jurisdictions, 32 of which are assessed solely by MONEYVAL.
