One of the main predicate offences for money laundering in 2024 continued to be fraud, which remains the most financially damaging crime in Estonia. Tax crimes and sanctions evasion were also widespread. The schemes for evading sanctions have become more sophisticated.
The vulnerability to money laundering has increased in the gambling sector, where the number of authorisations has doubled over the past five years. Most new operators are remote gambling service providers, as well as companies linked to foreigners, which dominate both in volumes and money laundering risks.
There is a need to improve the ability of obliged entities to detect suspicious transactions during business relationships and report them in a timely manner, as well as the state's capacity to respond to such information.
"Credit institutions appear to fulfill their reporting obligations in a more positive manner than other sectors but relying only on them is not sufficient for the state to be effective as a whole. Every obliged entity has a responsibility and a legal obligation to protect Estonia’s financial system from exploitation. The same applies to supervision, investigative authorities, the prosecution, and the courts, each of which has its own role. Every participant in the system has the opportunity to detect and prevent financial crime or they are crucial in some other way in the anti-money laundering system. In line with the rule of law, the primary responsibility also lies with the legislator, to ensure that the movement of criminal money can be obstructed, and public interest is not harmed," said Matis Mäeker, Head of the Estonian FIU.
The FIU is also contributing to improving the circumstances through various information technology developments.
In 2024, the Estonian FIU received 14,185 reports and nearly 20,000 cross-border disseminations. 133 analysed disseminations and nearly 1,700 information disseminations were filed with investigative authorities. Investigative authorities seized €5.7 million worth of assets, that were restricted by the FIU. With court permissions, 19 compliance notices were issued throughout the year for transferring suspicious assets to state revenues.
As of 31.12.2024 there were 733 valid authorisations issued by the FIU for providing virtual asset services, trust and company services, financial institutions, pawnbrokers, and the purchase and wholesale of precious metals.
