Estonia, Financial Services, Legislation, Shadow economy
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Friday, 29.03.2024, 13:59
At yearly meeting, Baltic notaries focus on prevention of money laundering
Matters of
prevention of money laundering and terrorism are topical in all the Baltic
countries as the EU directive that stepped into effect lately has brought with
it changes to laws and consequently also to the duties of notaries, a
representative for the Estonian Chamber of Notaries said.
"Where
the theme of money laundering has become topical primarily due to scandals in
the sphere of banking, which does not directly have to do with notaries, active
discussions are underway on the due diligence measures required for the
fulfilment of the directive, including how the identification of actual beneficiaries
and the origin of the resources used in the transaction could happen within the
limits of the possibilities available to notaries," said the chairman of
the Estonian Chamber of Notaries, Merle
Saar-Johanson.
Aside from
matters related to the prevention of money laundering, the changes that have
taken place in the activities of notaries in the Baltic countries over the past
year were talked about at the meeting.
The annual
roundtable meeting of Baltic notaries has been held for more than 20 years,
however, cooperation between the bodies of notaries of the three countries
dates back significantly longer.
The first
conference of Baltic notaries took place in Tallinn on October 30 and 31,
1938, hosted by the Estonian Association of Notaries, a body established
in 1933.
Hence, this
year is the 80th anniversary of the first conference of Baltic notaries and the
85th anniversary of the establishment of the Estonian Association of
Notaries.
Estonian
notaries number 91, and 21 of them have been working as a notary for more than
25 years.