Estonian Regulators and European Central Bank Move Forcefully Against Russian Money Laundering

Friday, March 30, 2018 - 20:58 (EEST) Section: The German Marshall Fund of the United States (USA)

Estonia’s financial regulator, Finantsinspektsioon, announced on March 26 that the European Central Bank (ECB), acting at Estonia’s request, had revoked the license of Versobank AS, a small Estonian bank catering to clients based in Russia and Ukraine. According to Finantsinspektsioon, the license was withdrawn for “serious and long-lasting breaches of legal requirements, particularly concerning the prevention of money laundering.” With this action, Estonia continues to demonstrate that it has no desire to serve as a hub for illicit Russian financial activity, which is part of the asymmetric toolkit the Russian government uses to undermine democratic institutions across the transatlantic space. …read more

Source: The German Marshall Fund of the United States