bitcoin, ethereum, litecoin, btc, eth, ltc
In recent years, Estonia has been working hard to implement strong anti-money laundering (AML) laws to prevent financial crimes in the country.
This was largely due to the discovery in 2018 that a significant amount of illicit money, estimated at $235 billion, had been laundered through the Estonian branch of Danske Bank, a Danish multinational bank.
In addition to the Danske Bank scandal, Estonia's partnership with the U.S. in cutting off revenues supporting Russia's war machine has also played a role in strengthening AML laws. Estonia has recognized the importance of protecting international financial systems, and strong AML regulations are seen as a crucial part of achieving this goal.
The Estonian government has been proactive in implementing measures to prevent money laundering and other financial crimes. In 2019, it introduced new AML laws to regulate crypto-related businesses operating in the country. These laws require crypto firms to register with the Financial Intelligence Unit and comply with AML measures similar to those applied to traditional financial institutions.
Estonia Enhances Regulatory Framework for Virtual Currency Providers
The Estonian government has also taken steps to improve its regulatory framework by introducing a new licensing regime for virtual currency service providers, which went into effect in 2020. This licensing regime includes measures such as enhanced AML requirements, capital requirements, and governance standards.