Estonia, Financial Services, Legislation, Shadow economy

International Internet Magazine. Baltic States news & analytics Monday, 19.11.2018, 12:07

At yearly meeting, Baltic notaries focus on prevention of money laundering

BC, Tallinn, 07.11.2018.Print version
Representatives of the chambers of notaries of the three Baltic countries at their annual roundtable meeting in Tallinn on Saturday focused on the challenges related to the prevention of money laundering and exchanged experiences related to the practices of oversight in each of the three countries, informs LETA/BNS.

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.

 






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