The Ministry of Finance wants to amend the money laundering law. According to the new draft, the Money Laundering Data Bureau (RAB) can collect a person's bank account data. After five years, RAB must notify the person about this. If the data is used in a criminal investigation, no notification will be sent.
Evelyn Liivamägi, an employee of the Ministry of Finance, says the change is necessary. It helps RAB do its work but also gives people the right to know. Notification will only occur when the data is no longer used in the investigation.
A person can also ask RAB directly whether their data has been reviewed. If the investigation is concluded, RAB may provide the information before the five-year period.
Some companies and organizations are not satisfied with the change. For example, the Chamber of Commerce and Industry believes the draft is not sufficiently thought through. They fear RAB will gain too much power.
Other critics say RAB's system could be dangerous. If criminals gain access to the system, they could misuse it. Raido Saar, chairman of the Estonian Web3 Chamber, says cyber fraud is currently a bigger problem than money laundering.
Maris Lauri, a member of the Finance Committee, says many critics are unaware of the draft's content. She emphasizes that the draft does not allow viewing bank statements. The database is secure and protected.
Lauri says the committee has carefully examined all issues. They have visited RAB and seen how data is protected. The system is as secure as in banks.
The Ministry of Finance is now reviewing all proposals. The committee will discuss the draft again and aim to make a quick decision. Another amendment concerning banks will be finalized in April.