"Not even a candy wrapper,” snaps Kessler. “The fine must not be worthwhile to pay, because then the rules would not work. The Financial Supervision Authority has been asking to change the fine rates since 2004. We now have fines of up to €32,000 and up to €400,000 for certain offences. We could have claimed Danske Bank a serious fine for damaging the reputation of Estonia, but the 32,000 euros we can claim – it makes the state a laughing stock!” says Kessler.
As comparison, he cites Latvia, where financial institutions can be fined millions of euros. Kessler states that he does not know of any other European country where thugs from the financial world are treated as leniently as in Estonia.
Another point that Kessler hopes to change concerns statutes of limitations for financial crimes. "Currently, it is two years from the completion of crime, but in many cases such things only come out after two years,” Kessler states – here he would like to see the deadlines extended and the system changed.
Finally: control over debt collectors – but no one knows how
Ministries are making a law which would bring debt collection companies under the control of the FSA.
For years, there has been talk about the arbitrariness of debt collection companies over more than 80,000 debtors in Estonia, but nothing has been done to regulate them. Now the urgent matter cannot be postponed any longer, because the European Union orders the law to be introduced.