The first statistics collected by the Estonian FIU on the duty to report suspicious activities of money laundering and terrorist financing have been made available.
Amendments to the Money Laundering
and Terrorist Financing Prevention Act (MLTFPA) were adopted by the Estonian parliament Riigikogu on 11 December 2019. The focus of the amendments is on cryptocurrency service providers. The main purpose of the amendments is to strengthen the position of the Estonian Financial Intelligence Unit (FIU) in its authorisation and supervision procedures for cryptocurrency-related businesses.
For those who have watched the tv series Mr. Robot and are aware of the Facebook issues with its users’ privacy, the expectation of a “Facebook coin” (its real name is Libra) might bring some memories of E-coin. Curiously enough, E-coin was indeed issued by NBC Universal (parent company of Mr. Robot’s tv channel) and is listed in crypto exchanges.
Almost one year has passed since the new Money Laundering and Terrorist Financing Prevention Act (MLTFPA) came into force introducing two types of licenses for cryptocurrency in Estonia. MLTFPA has helped businesses dealing with cryptocurrencies understand whether they are required to apply for a license or whether they can operate without one.