Banks, Estonia, Financial Services, Legislation, USA

Freeh Sporkin &Sullivan LLP will provide the Estonian government with legal advice and representation in cases of money laundering relating to Nordic banks and their Estonian and Baltic subsidiaries and branches, and concerning billions of US 

dollars' worth of funds having been transferred in violation of local and international law as well as Estonian regulatory rules, the Estonian Ministry of Finance said.

In addition to supporting the Estonian government in the financial investigation of alleged money laundering, the law firm will also represent the Estonian government in relations with US banking authorities, Department of Justice, Securities and Exchange Commission, New York State Department of Financial Services and other law enforcement and regulatory agencies in Sweden, Denmark, Germany and other states.

Freeh Sporkin & Sullivan LLP will carry out these activities in cooperation with the Estonian Ministry of Finance, Financial Supervision Authority, Ministry of Justice, Office of the Prosecutor General, Police and Border Guard Board, Financial Intelligence Unit and other Estonian agencies engaged in money laundering investigation or mutual legal assistance procedures.

Estonia seeks to receive a part of the monies which US authorities may obtain from the financial institutions for infringements through agreements, penalty payments, confiscation or other means. The objective is to enter into a forfeiture sharing agreement with the competent US authority.

The activities of Freeh Sporkin & Sullivan LLP have thus been broken down into three phases. In the first phase, the law firm will develop a dialog and understanding of current communications between Estonia and the United States and provide advice and coordination with regards to communication with US law enforcement and regulatory agencies.

In the second phase, the law firm will provide assistance to the Estonian investigative agencies in conducting their investigations in Estonia and abroad, and conduct witness interviews and perform document review and analysis if necessary and permitted by law.  Freeh Sporkin & Sullivan LLP will work with Estonian authorities to communicate joint findings to US authorities to convey the investigative results, ongoing efforts and provide

evidence or information to further their investigation. At the conclusion of the second phase the law office will submit a legal analysis of the results of the investigation.

The third phase concerns assistance with negotiations and disclosure of a forfeiture sharing agreement with the competent US authority.