Estonia Sees $13B In Money Laundering Over Four Years


May 26 2018

After reports of money laundering caused lenders in Estonia and Latvia to close, police said on Friday (May 25) that more than $13 billion (or about €11 billion) was laundered through banks in Estonia between 2012 and 2016. Much of the money was reportedly laundered through bank accounts belonging to non-residents, Reuters reported.

“In 2012, more than €7.3 billion in securities from Russia were processed through the Estonian financial system. The proceeds were transferred to dozens of jurisdictions and thousands of companies for various goods and services,” Estonia’s Financial Intelligence Unit (FIU) wrote in its annual report. Police in Estonia said more money laundering could take place this year with the closure of Russian banks.