On 28 October 2026, the Riigikogu adopted amendments to the Money Laundering and Terrorist Financing Prevention Act, refining the supervisory powers of the Tax and Customs Board (MTA) and the Financial Intelligence Unit (Rahapesu andmebüroo). The changes grant the MTA explicit authority to request and access bank account information and other financial data necessary for tax and money laundering proceedings. The amendments aim to close gaps identified in the EU’s 2024 mutual evaluation of Estonia’s AML framework.
Key Takeaways
- Enhanced Data Access: The MTA can now directly query financial institutions for transaction records without a court order in cases of suspected tax fraud linked to money laundering. This significantly expands the tax authority’s investigative toolkit.
- Compliance Obligations for Banks: Financial institutions must ensure their systems can respond to MTA data requests within statutory deadlines. Non-compliance may result in supervisory fines up to 5% of annual turnover.
- Alignment with EU Directives: The amendments transpose provisions of the EU’s 6th Anti-Money Laundering Directive (AMLD6), ensuring Estonia’s regime meets supranational standards ahead of the 2027 peer review.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement