Draft law amending the Law on Preventing Money Laundering and Terrorist Financing (640 SE) - First Reading
Session: 15th Riigikogu, 5th session, plenary sitting
Date: 2025-05-20 13:47
Participating Politicians:
Total Speeches: 14
Membership: 15
Agenda Duration: 24m
AI Summaries: 14/14 Speeches (100.0%)
Analysis: Structured Analysis
Politicians Speaking Time
Politicians
Analysis
Summary
The first item is the first reading of the draft law amending the Law on Preventing Money Laundering and Terrorist Financing, initiated by the Government of the Republic. The presentation was given by the Minister of Finance, Jürgen Ligi, who explained the purpose of the draft and, as a whole, the focus was on strengthening the money laundering prevention system: leading procedures are being amended, more precise criteria are being established for assessing the suitability of individuals in the management bodies of companies, and the legal framework of the register of beneficial owners is being improved. An important part of the discussion was the expansion of the rights of the Financial Intelligence Bureau to process data – the use of mass data, machine analysis, and text processing, together with strict restrictions (for example, the need for pseudonymisation and a separate permit to identify individuals). It was also emphasized that the new rights will not lead to the collection of personal data and will not impose additional burdens on the private sector.
Decisions Made 3
The draft will be placed on the plenary session agenda on May 20th; the proposal will be concluded in the first reading and Maris Lauri will be appointed as the leading commissioner.
Completion of the first reading and appointment of a leader: Maris Lauri as the leading commissioner.
The deadline for submitting amendments: June 3rd at 5:15 PM.
Most Active Speaker
The most active participant was Aivar Kokk (pid VTIO4yVEz1k). He primarily acted in leading the discussion and posing questions, representing a strong dividing line in the discussion regarding the draft’s specific technical descriptions and cohesion and monitoring applications. His position in the comments is constructive (better).
Esimees Lauri Hussar
AI Summary
The third item on today’s agenda addresses the first reading of Draft Act 640, initiated by the Government of the Republic, concerning amendments to the Money Laundering and Terrorist Financing Prevention Act. Minister of Finance Jürgen Ligi will now take the floor to introduce the draft act.
Rahandusminister Jürgen Ligi
AI Summary
The draft amendment to the Money Laundering and Terrorist Financing Prevention Act, submitted by the Ministry of Finance, will increase the Financial Intelligence Unit’s (FIU) capacity to process existing datasets and utilize big data analysis. Crucially, it maintains strong data protection while improving supervision and cooperation aimed at preventing money laundering, all while simultaneously reducing the burden on the private sector.
Esimees Lauri Hussar
AI Summary
The speaker thanked everyone and announced that it was now time for questions, inviting Urve Tiidus to take the floor.
Urve Tiidus
Profiling Eesti Reformierakonna fraktsioonAI Summary
Urve Tiidus points out that money laundering is a serious form of underlying criminal activity that finances other types of crime, and although global standards have somewhat harmonized, it remains a hypothetical question whether the risk of money laundering can ever be reduced to zero, even in the Baltic or Nordic countries.
Rahandusminister Jürgen Ligi
AI Summary
Risk can never be completely eliminated, but the likelihood of it materializing can be significantly reduced. An approximate estimate suggests that about 2% of transactions involve funds of criminal origin, and while the fight against money laundering and the demands for financial purity have intensified, achieving a complete cleansing remains impossible.
Esimees Lauri Hussar
AI Summary
Chairman Lauri Hussar asks Aivar Kokk to speak.
Aivar Kokk
Profiling Isamaa fraktsioonAI Summary
Aivar Kokk highlights that during the proceedings, the draft amendment to the Credit and Loan Association Act, prepared by the Ministry of Finance, along with related amendments to the Money Laundering and Terrorist Financing Prevention Act, has completed the coordination round, and he asks for the precise meaning of Section 72, Subsection 21.
Rahandusminister Jürgen Ligi
AI Summary
Finance Minister Jürgen Ligi confirmed that a law will be adopted to strengthen the supervision of savings and loan associations and raise the requirements, arguing that the market is chaotic, scandals have occurred where people have lost money, and the state must keep this sector under control.
Esimees Lauri Hussar
AI Summary
Chairman Lauri Hussar invites Aivar Kokk.
Aivar Kokk
Profiling Isamaa fraktsioonAI Summary
Aivar Kokk stated that with the expansion of personal data processing rights, it must be ensured that the intrusion into the privacy of individuals and families does not increase, and he questioned how the new law will maintain this balance while simultaneously controlling the risk of money laundering or terrorism.
Rahandusminister Jürgen Ligi
AI Summary
Finance Minister Jürgen Ligi said that all data processing is carried out pseudonymously, and the Financial Intelligence Unit sees patterns and connections, not names, focusing primarily on legal entities, and the disclosure of names must only be done after gathering confirmations from multiple sources and initiating the relevant proceedings.
Esimees Lauri Hussar
AI Summary
The Chair thanks the Minister, concludes the questions, and requests Maris Lauri, a member of the Riigikogu Finance Committee, to present an overview of the discussion that took place and to add a minor clarification regarding the Luther quotation for the transcript.
Maris Lauri
Profiling Eesti Reformierakonna fraktsioonAI Summary
Maris Lauri provided a brief overview of the discussion held in the Finance Committee on May 6 concerning the draft amendment to the Money Laundering and Terrorist Financing Prevention Act, emphasizing the use of data and associated risks, and noting that the new law does not grant additional access to data. The committee subsequently decided on May 20 to include the draft bill on the plenary agenda, conclude the first reading, and appoint Maris Lauri as the lead committee member.
Esimees Lauri Hussar
AI Summary
The thanks were acknowledged in the address, and it was stated that consensus had been reached, and the discussions were declared closed. The first reading of Draft Bill 640 was concluded upon the proposal of the lead committee, and the deadline for submitting amendments is June 3rd at 5:15 p.m.