Left Menu
Development News Edition

Estonia drops anti-money laundering legislation before election


Estonia drops anti-money laundering legislation before election
Estonia's parliament has dropped a proposed law that would have toughen rules on money-laundering, a parliamentary spokeswoman said on Wednesday. Lawmakers told Reuters they expect the proposal, drafted after a scandal involving Denmark's Danske Bank, to be revived later this year following a March 3 general election.

"The current parliament will not discuss this topic further," the spokeswoman said. Anti-money-laundering laws have been under scrutiny since Danske Bank said last year that 200 billion euros ($226 billion) of payments, many of which it described as "suspicious", had been moved through its Estonian branch between 2007 and 2015.

The proposed new law included provisions such as increasing the maximum penalties applicable to financial institutions and giving more powers to the Financial Intelligence Unit. The government had also been trying to include a clause that would have forced people suspected of benefiting from suspicious financial transactions to prove their wealth came from legitimate sources.

That provision was rejected by a parliamentary committee, however, and has been strongly criticised by the Chancellor of Justice, Estonia's legal ombudsman, as contravening the basic legal principle of innocent until proven guilty. Under current law, prosecutors must show that a suspect's wealth was illegally obtained.

($1 = 0.8859 euros) (Reporting by Tarmo Virki; Editing by Catherine Evans)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Future of Food: Technology fostering the road to global food security

Technological innovation can help address most of the pressing issues facing the world today including food security by enhancing productivity, improving financial services, managing resources, addressing environmental concerns, etc....

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Now it’s a war, Uganda deploys army to combat locust swarms

Its for the first time after 1986, the locust swarms have attacked Uganda twice in a season. With the increasing number of countries of Africa under attack by locust swarms, the problem seems to have taken a regional paradigm. Its very diff...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Videos

Latest News

6 SC judges suffering from swine flu: Justice DY Chandrachud

As many as six Supreme Court judges are suffering from swine flu, Justice DY Chandrachud said on Tuesday. Justice Chandrachud made the comments at the Supreme Court.The judge informed the court that six judges were down with H1N1 virus, and...

Last marshal of the Soviet Union Dmitry Yazov dies

The last marshal of the Soviet Union Dmitry Yazov, who participated in a coup against then USSR leader Mikhail Gorbachev in 1991, has died, news agencies reported. Russias defense ministry said in a statement carried by agencies that Yazov ...

LG Anil Baijal outlines AAP govt's priorities in his address in Delhi Assembly

Lt Governor Anil Baijal on Tuesday addressed the first session of the 7th Legislative Assembly and outlined the Arvind Kejriwal governments priorities, including strengthening health and education services and making Delhi a world class cit...

Lack of funds may delay salary: Visva-Bharati to faculty, non-teaching staff

Visva-Bharati authorities have informed faculty members of the university and non-teaching staff that there may be a delay in payment of salary for the month of February due to lack of funds. The premier central university, founded by Nobel...

Give Feedback