According to domestic risk assessments and the international MONEYVAL evaluation report, company service providers are the second highest-risk sector in Estonia, following virtual asset service providers.
"The risky nature of these business services lies in the ability to conceal the actual beneficiaries and members of the management body. We also see an increasing trend of Estonian companies being used for money laundering and related criminal activities in other countries," explained Matis Mäeker, the head of the Estonian Financial Intelligence Unit.
"It is extremely important that the risks of money laundering and terrorism financing are mitigated in such a high-risk sector, and the Estonian Financial Intelligence Unit consistently monitors this in its supervisory," added Matis Mäeker. According to Mäeker, the failure of dozens of companies to comply with the obligation to provide information demonstrates the quality of their risk control systems and their understanding of the responsibilities of being licensed service providers with a high risk of money laundering.
As of May 17, 2023, there were 297 active licenses for trust and company service provision in Estonia.
