The money laundering data bureau has a hard time doing its job. They cannot request data through the enforcement register. This means they cannot assist other countries' institutions with money laundering cases.
For example, if a Finnish artists' leader was defrauded of €700,000 in Estonia, the money laundering data bureau couldn't say where the money went. This is a problem because preventing money laundering is important.
The Minister of Justice and Digital Affairs suspended this right last year. This happened after the Chancellor of Justice found that the data bureau used data without proper legal basis.
LHV Bank does not provide bank account statements to the money laundering data bureau. They say the bureau has no right to request them. The Tallinn Administrative Court said the bank has the right to do so.
Matis Mäeker, head of the money laundering data bureau, says international cooperation works on trust. If Estonia doesn't help other countries, other countries won't help us either.
Speed is crucial in preventing money laundering. Mäeker says money can disappear quickly. The more time passes, the harder it is to recover the money.
The money laundering data bureau has other problems too. They cannot visit bank branches to check if money laundering rules are being followed. Currently, they only send emails and ask if the rules are being followed.
Mäeker says on-site inspections are important. Only this way can they know if the rules are actually working. Currently, they cannot do this.
The solution would be changing the law. The Anti-Money Laundering and Terrorist Financing Act needs some wording changes. Then the data bureau could conduct on-site inspections.
The parliament is currently discussing changing the law. The opposition is not against it. If all goes well, the law could change as early as October.
Chancellor of Justice Ülle Madise says the parliament should discuss how long a person can be left uninformed. Currently, it can be up to 10 years. That's a long time.
Some politicians say 10 years is too long. They see no reason why a person should be left uninformed for so long.
LHV Bank is against changing the law. They say the money laundering data bureau has no right to track people. If the law changes, it could cause new problems.