The Ministry of Finance has prepared a draft bill that grants the FIU the right to access bank account data. This will help them better detect money laundering.
According to the draft bill, the FIU can request account statements from banks. These show the movement of money, but banks are not allowed to notify their customers. If a bank were to notify a customer, it could hinder money laundering investigations.
The FIU needs this data to analyze money movements and identify suspicious transactions. Account statements are an essential tool in preventing money laundering.
The draft bill states that the FIU's right to access bank secrecy is not new. Many other countries grant their financial intelligence units the same rights.
The draft bill also specifies that the FIU can request data only if it cannot be obtained otherwise. This helps reduce the burden on banks.
Justice Minister Liisa Pakosta has stated that the FIU should be part of the police. Finance Minister Jürgen Ligi disagrees. He says that the FIU is a data collector, not the police.
Ligi believes that the FIU works well under the Ministry of Finance. They have good tools and perform their duties professionally.