Estonia, Law and Regulations, Legislation

Foreign Minister of Estonia Urmas Paet stated that international sanctions are a means used in foreign policy with the goal of influencing the state, organisation or individual to change their behaviour or policy to conform to international law.

The new law will replace the existing international sanctions law, which originates from the year 2003. The goal of the law is to ensure the rapid and correct implementation of international sanctions in Estonia.

The new law will bring the regulation of international sanctions into accordance with the existing international standards. The law will regulate more clearly than before the enforcement and implementation of international sanctions domestically and lays out special responsibilities for implementing financial sanctions of credit and financing institutions, registrars, and providers of legal services.

In addition, the law lays out specifics on the regulation and monitoring of the implementation of financial sanctions that were missing from the existing international sanctions law. When the law comes into force, the money laundering data division of the Police and Border Guard Board will become a full-fledged financial sanction monitoring office.

The law will come into force four months after it is published in the State Gazette.