The draft bill prepared by the Ministry of Finance would clarify the authority of the Financial Intelligence Unit (FIU) to request data from banks — both through mandatory orders and via the enforcement registry.

The FIU's task is to investigate suspicions of money laundering and terrorism financing, and for this reason the law grants it the ability to request information protected by both banking and business secrecy. Under the draft law, in cases of suspicion the FIU would have the right to request bank account statements.

Minister of Justice and Digital Affairs Liisa Pakosta said that Eesti 200 does not agree with the changes proposed by the Ministry of Finance.

"We are talking about the protection of banking secrecy, and we are talking about significant investigative measures. For example, in criminal proceedings there is a long, detailed law that regulates how everything works. We cannot allow a situation where new procedures are created that are sort of proceedings, sort of investigations, and yet not investigations, and for which there is no clear set of rules. This is not something that can be resolved so easily," Pakosta said.

Finance Minister Jürgen Ligi said he finds it regrettable that the bill has been stalled in the government due to disagreements. According to Ligi, it is not possible to compare the FIU's administrative proceedings with criminal proceedings.

"The Financial Intelligence Unit must have access to bank data. It has to analyze money laundering risks. For that purpose, it has had access to bank accounts in all countries for 30 years already. There are 180 countries where such access exists, yet we keep talking as if there were some problem with banking secrecy in Estonia. There is not. The FIU does not get arbitrary access. It is granted only in cases of justified suspicion and not automatically, as our opponents claim, but based on an application," Ligi said.

Ligi added that he wants to put the discussion of the legislative amendment on the agenda of a government meeting next week.

Andrei Korobeinik, vice chair of the Riigikogu Finance Committee and a member of the Center Party, supports the view that there should be no access to bank accounts.

"I do not rule out at all that it will eventually pass, but I believe that many politicians will fight to make sure it does not happen during their term of office," Korobeinik said.

According to Korobeinik, the disputes within the coalition are being fueled by the approaching elections.

--

Follow ERR News on Facebook and X and never miss an update!