Baltic States – CIS, Banks, Estonia, Financial Services, Legislation

"In summary, there's not a lot of black money moving via Estonian banks according to our estimates. Of course there is some, just like in every other country," Aivar Paul, head of the Financial Intelligence Unit at the Police and Border Guard Board, said.

Paul said Estonia has two main points of concern when it comes to money laundering. First, it may become a country of transit for moving black money from one country to another, which includes cyber crimes committed via Estonian banks and by using front companies. The second and more serious problem is eastward money flow, which works in both directions. "There are very many such schemes but I can't speak about them in detail," Paul said.

Paul described it as very important that the image of Estonian banks in the eyes of Western countries was absolutely unblemished.

"We must do a lot more than other banks. When there's even the slightes smell of money laundering on our market European and U.S. correspondent banks may simply stop interacting with us, because it's easier to prevent risks that way. The profit they get here is small anyway."

"If a bank is unable to abide by law and lets in a money launderer, they will be punished. This clearly is our practice here," the official added.