Money Laundering Risk Exists, Says Europol Official
Estonia could be vulnerable to large-scale money laundering, according to Europol representative Peeter Palo.
Due to Estonia's smallness, it does not attract high-caliber fraudsters, said Palo. But as a successful economy that lies on the border of the European Union, it could, in light of the EU debt crisis and financial restructuring, potentially be an attractive target that lacks the capacity to detect trickery.
"Estonia's capabilities are perhaps smaller. Nevertheless, let's not forget that Estonia's international cooperation is very strong and I do not see problems in that area," said Palo.
"It is difficult to identify any distinctive trends in Estonia, but it can be said that our geographical position [...] could perhaps bring us under the threat of crime related to money laundering and large cash flows."
In the fight against financial and cyber crimes, Estonia's cooperation with the international community is generally strong, but less so with Russia, according to Interior Minister Ken-Marti Vaher.