COBALT is representing AS LHV Pank in the dispute against the Financial Intelligence Unit (FIU) concerning the FIU’s right to demand client bank account statements from bank institutions. In a recent ruling by the Administrative Court, the Court sided with LHV on the issue of insufficient legal grounds. The court satisfied the complaint lodged by LHV and annulled 4 corresponding precepts issued by the FIU. The court decision has not yet entered into force.
The dispute is of a significant and fundamental importance, dealing with the FIU’s authority to demand such bank account statements in a situation where the Chancellor of Justice has repeatedly stated that current legislation does not provide for such authority. The matter has received media coverage, and a broader public debate has emerged regarding the protection of banking secrecy — questions that concern not only the banks themselves but also all Estonian bank customers and, more broadly, the functioning of the rule of law. The government has now also recognised the need for legislative amendments.
LHV is represented in the dispute by Partner Rauno Ligi and Associate Norman Ilumets, with the assistance of Assistant Lawyer Robert Soidla.
The topic has been covered by ERR and Eesti Ekspress (in Estonian).
Photo: LHV Author/source: Siim Lõvi /ERR
