Justice Minister Liisa Pakosta says the Danske Bank money laundering case revealed that corruption is not currently being adequately prevented in financial institutions.
A year ago, the United States allocated $50 million to Estonia from the fine imposed on Danske Bank for money laundering. Under the agreement, Estonia is to use the funds to strengthen efforts to combat or prevent financial crime.
The Ministry of Justice plans to spend €1.2 million of that fine over the next four years to improve anti-corruption measures in Estonia.
Justice Minister Liisa Pakosta said Estonian society and the economy have changed so significantly in recent years that the entire Anti-Corruption Act should be reviewed comprehensively.
She gave an example: “Back when I was a member of the Riigikogu, I raised the issue that Estonia has joined the international convention on tobacco control. One of its provisions states that, since the tobacco industry — now more accurately the nicotine industry — spends unprecedented amounts of money trying to influence officials, all public servants involved in policymaking who meet with tobacco lobbyists must disclose those meetings publicly. By joining the international convention, we’ve taken on that obligation, yet today we have no such requirement for officials.”
Read more: ERR.EE
