(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 11. In January this year, the United States and Estonia reached an agreement under which the U.S. allocated $50 million (approximately 48.8 million euros) to Estonia in recognition of the country's role in resolving the Danske Bank money laundering case, Trend reports.

Meanwhile, In September, the first projects financed by these funds received approval.

Under the agreement, the funds will be directed toward strengthening the prevention, detection, and investigation of financial crimes, including money laundering, cybercrime, and terrorist financing. The initiative will also promote public awareness of financial and cybercrime risks, enhance asset seizure and confiscation processes, and expand international cooperation in combating illicit financial activities. The partnership further reinforces Estonia–U.S. cooperation in fighting financial crime and underscores their shared commitment to upholding the rule of law worldwide.

A special commission-comprising the Secretaries General of the Ministry of Justice and Digital Affairs, the Ministry of Finance, and the Ministry of the Interior, along with a U.S. representative as an observer-oversees the selection and implementation of related projects.

In the first round, nine projects were approved with a total budget of 25.7 million euros. The commission emphasized that the selected projects should form a coherent framework, strengthen institutional capabilities, and improve Estonia's overall system for combating financial crime.

The initiatives will focus on prevention, improved investigative practices, technological upgrades, and sustainable training programs. This approach ensures that professionals remain up to date with emerging risks, legal developments, and new technologies in the complex field of financial crime investigation.

The supported projects target corruption prevention, public awareness of financial fraud, improved asset tracing and confiscation, enhanced cybercrime investigation capabilities, detection and analysis of cryptocurrency-related income, and strengthened financial supervision to combat money laundering more effectively.

The projects will be implemented by the Office of the Prosecutor General, the Police and Border Guard Board, the Tax and Customs Board, the Environmental Board, the Internal Security Service, the Academy of Security Sciences, the Financial Supervision Authority, and the three ministries represented in the commission.

“It is highly symbolic that funds originating from money laundering penalties are now being used to reduce economic crime. Financial crime is highly specialized and technically complex, so these resources must help strengthen the capabilities of investigators, prosecutors, and judges. It is equally significant that part of the funding will go toward prevention, including the creation of a strategic framework for anti-corruption efforts,” said Tiina Uudeberg, Secretary General of the Ministry of Justice and Digital Affairs.

Tarmo Miilits, Secretary General of the Ministry of the Interior, emphasized that the additional funding would enable a major leap in addressing technically sophisticated, large-scale cybercrime cases that often require international cooperation.

“Cybercrime revenues are on par with those from drug trafficking and corruption, which makes it essential that our skills and technical capacities stay one step ahead of criminals,” he noted.

Building a sustainable training system is just as important, ensuring that knowledge and expertise in financial crime investigation become a cornerstone of crime prevention. These joint projects will make law enforcement more effective in locating, seizing, and confiscating criminal assets-ultimately reducing the profitability of crime,” he added.

Merike Saks, Secretary General of the Ministry of Finance, highlighted efforts to enhance the Financial Supervision Authority's capacity to combat money laundering.

“With these projects, the Tax and Customs Board will gain new tools to identify cryptocurrency transactions, recover unpaid taxes, and exchange data for criminal investigations. While strengthening investigative capacity is essential, it is equally valuable that the projects also promote public awareness and prevention, helping citizens avoid becoming victims of financial fraud,” she said.

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