USA and Estonia agree to share Danske Bank money laundering penalty

Former Danske Bank Estonian headquarter in Tallinn. Photo: Mihkel Maripuu

The United States and Estonia signed an agreement on Tuesday under which the United States will allocate 50 million dollars to Estonia from the fines imposed on Danske Bank for money laundering violations.

The funds will be directed toward strengthening the prevention, detection, and investigation of financial crimes, including money laundering, cybercrime, and terrorist financing. The agreement also aims to enhance awareness of financial and cybercrime and to improve procedures for the confiscation of criminal proceeds.

Tõnis Saar, secretary general of the Ministry of Justice and Digital Affairs, said that the agreement is a significant step forward in US-Estonia cooperation in the field of international law.

«This strengthens the capacity of Estonia and the entire region to combat financial crime. The financial support will help us further raise awareness and develop the skills of our specialists, which are essential in fighting money laundering, serious financial crimes, and cybercrime. Our partnership with the United States is invaluable, and this agreement reaffirms our shared commitment to upholding the rule of law globally,» Saar noted.

The agreement stipulates that the allocated funds must be used for developing systems for investigating and preventing financial crimes, organizing specialized training for law enforcement officials, and improving compliance with anti-money laundering and counter-terrorist financing regulations. Additionally, the agreement aims to enhance international cooperation in confiscation processes.