Money laundering prevention and implementation of financial sanctions guidelines and legislation in Estonia and in European Union

Advisory guidelines of Finantsinspektsioon

Finantsinspektsioon has the right to issue advisory guidelines to explain legislation regulating the activities of the financial sector and provide guidance to subjects of financial supervision. The advisory guidelines of Finantsinspektsioon are approved by a resolution of the management board and the guidelines are disclosed on the website of Finantsinspektsioon. The advisory guidelines explain the content and fulfilment of the requirements established in relevant legislative acts to the obliged entities. In addition to that, the guidelines provide instructions for understanding the risks associated with the provision of services and for developing the organisational structure of the obliged entities and ensuring its functioning. The ‘comply or explain’ principle applies to the guidelines, pursuant to which the subject of supervision must be able to justify where necessary why they do not implement some points of the Guidelines or implement them partially.

EBA guidelines adopted as advisory guidelines of Finantsinspektsioon

The European Banking Authority (EBA) is required to ensure the integrity, transparency and orderly functioning of financial markets. As part of this mandate, the EBA works to prevent the use of the financial system for the purposes of money laundering and terrorist financing (ML/TF). For this purpose, the EBA, inter alia, issues various guidelines and recommendations. The EBA guidelines and recommendations which are in compliance with the Estonian national law are issued as advisory guidelines by Finantsinspektsioon. EBA guidelines and recommendations adopted as advisory guidelines of Finantsinspektsioon are then disclosed on the website of Finantsinspektsioon and the ‘comply or explain’ principle applies to them as well.

Guidelines by the Financial Intelligent Unit

Estonian legislation

European Union legislation

Restrictive measures and sanctions adopted in implementation of the European Union's Common Foreign and Security Policy