Budget, Estonia, Financial Services, Legislation

International Internet Magazine. Baltic States news & analytics Monday, 18.11.2019, 09:30

Finmin: Multi-billion fines for money laundering should reach Estonia's budget

BC, Tallinn, 16.10.2019.Print version
Fines measuring in the billions of euros may be slapped on Estonian banks as a result of money laundering breaches, which should eventually land in the Estonian state budget, Finance Minister Martin Helme said on social media, cited LETA.

The Estonian Conservative People's Party (EKRE) minister, who is currently on a visit to the United States, said that he had several meetings in New York on Tuesday.


"In the morning I discussed at one international law office how to make sure that inquiries started by the US authorities concerning money laundering breaches by our banks, which in great probability will end in enormous fines, take place in a manner where we are involved in the process all the time and the overwhelming portion of the fine reaches the Estonian state budget in the end," Helme said. 


The minister said that the biggest damage has been caused to the reputation and the economy of Estonia.


"We are talking about hundreds of millions, minimum, maybe billions," the minister added.


Helme is in the United States to attend the annual meeting of the International Monetary Fund (IMF) in Washington from Oct. 14-18. 






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