Reported by ERR

Under an agreement signed on Tuesday, the United States will allocate $50 million (€48.2 million) to Estonia from the fine imposed on Danske Bank for money laundering.

The funds from the fine will be directed toward strengthening the prevention, detection and investigation of financial crimes, including money laundering, cybercrime and the financing of terrorism, according to the Ministry of Justice and Digital Affairs.

Tõnis Saar, the ministry’s secretary general, said the agreement will enhance Estonia’s and the broader region’s capacity to combat financial crime.

“The financial resources will help us further raise awareness and develop the skills of our specialists, which are necessary to fight money laundering, serious financial crimes and cybercrime. Our cooperation with the U.S. is invaluable and this agreement confirms our shared commitment to upholding the principles of the rule of law globally,” Saar explained.

The agreement stipulates that the funds must be used to develop systems for investigating and preventing financial crimes, organize specialized training for law enforcement officials and improve compliance with regulations aimed at countering money laundering and the financing of terrorism. Another goal is to strengthen international cooperation in asset confiscation processes.

Cooperation with the U.S. on the investigation of the Danske Bank money laundering case was a politically sensitive issue during the terms of both Jüri Ratas’ government and the first government led by Kaja Kallas. Estonia worked closely with U.S. law enforcement agencies on the Danske Bank investigation, but the key question of whether Estonia could receive a share of the fines imposed in the U.S. became a subject of domestic debate.

Read full report: https://news.err.ee/1609569934/us-to-allocate-50-million-from-danske-bank-fine-to-estonia