Estonian commercial banks are not connected with illegal money laundering operations and possible tax frauds. Contrary to the allegations in some mass media sources, commercial banks work seriously on preventing money laundering and assist the Estonian National Tax Board in disclosing tax frauds.

Eesti Pank has checked the agreements, which have attracted public attention, made between Hansapank, Optiva Pank and the Estonian company Divec on opening accounts in Estonian commercial banks. The central bank has established that the activities of commercial banks meet the requirements of the legislation which in its turn is based on international requirements.

The above agreements do not give an opportunity to open anonymous or codified accounts which are illicit in the Republic of Estonia. Also, identification of the owners of all accounts held with Estonian commercial banks is guaranteed at the required level. At the same time, all Estonian commercial banks meet the requirements of the Prevention of Money Laundering Act. The requirements set by this act are based on international practice. According to the above Act, commercial banks inform the money laundering data bureau of all suspicious transfers occurring on any account.

The National Tax Board confirms that there is no information that would indicate that Estonian commercial banks could be connected with the tax fraud cases currently under investigation. At the same time, the National Tax Board, within the framework of the Taxation Act and the Credit Institutions Act, has close cooperation with all Estonian commercial banks. The latter have always provided the Tax Board with all the information required under the law and necessary for the work of the Board.

The speculations spread in recent days on possibilities of money laundering in Estonian commercial banks have no serious grounds. In a regrettable way at random and without any system such notions as 'a bank account', a possible tax fraud' and 'money laundering' have been tackled and conclusions have been drawn which do not in the least correspond to the reality.

In order to exclude any possibility of using Estonian commercial banks for money laundering purposes legislation meeting international requirements has been adopted and adequate control over suspicious transactions has been established in Estonia. All banks have also introduced the necessary internal procedural rules and control mechanisms for that. If any person has concrete data on money laundering or suspicions of it the Estonian law enforcement bodies should be informed at once. The latter will carry out investigations as seen by the law and punish the guilty.

The present comments do not concern the activities of Divec which are presently being investigated by the National Tax Board.