Estonia’s financial regulator, Finantsinspektsioon, announced on March 26 that the European Central Bank (ECB), acting at Estonia’s request, had revoked the license of Versobank AS, a small Estonian bank catering to clients based in Russia and Ukraine. According to Finantsinspektsioon, the license was withdrawn for “serious and long-lasting breaches of legal requirements, particularly concerning the prevention of money laundering.” With this action, Estonia continues to demonstrate that it has no desire to serve as a hub for illicit Russian financial activity, which is part of the asymmetric toolkit the Russian government uses to undermine democratic institutions across the transatlantic space. …read more
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