Poland Grapples with Fraudulent Activities in Financial Sector

Need for Normative Changes to Combat Fraud

A recent study conducted by Jarosław Kostrubiec has highlighted the need for significant normative changes in Poland’s legal system to combat fraudulent activities in the financial sector. The study found that the lack of clarity and completeness of laws governing the FinTech sector has led to a rise in cases of money laundering and fiscal fraud.

Current Challenges

• Lack of clarity and completeness of laws governing the FinTech sector
• Inadequate anti-money laundering and fiscal fraud measures
• Rapid growth of the FinTech sector, leading to an increase in fraudulent activities

Recommendations for Improvement

The study suggests that the Polish government should:

• Adopt a law regulating the financial information system, which would properly implement EU laws
• Adapt current anti-money laundering and fiscal fraud measures to the dynamically changing financial market
• Implement centralized automatic mechanisms such as registers or data retrieval systems in all Member States to effectively combat money laundering and fiscal fraud

International Comparisons

The study referenced several international studies on anti-money laundering procedures and controls, including:

• The Pandora papers scandal, which revealed how anti-money laundering measures failed to flag $300 million in suspicious transactions
• Other studies highlighting the need for effective anti-money laundering measures

Conclusion

In conclusion, the report emphasizes that the Polish government must take immediate action to prevent fraudulent activities in the financial sector. This can be achieved by adopting a law regulating the financial information system and adapting current anti-money laundering and fiscal fraud measures to the dynamically changing financial market.