Minister’s Order Halts Action Against Public Finance Minister
A surprise move by Poland’s Minister of Public Finance has resulted in a ban on all actions taken against him by an obligated institution. The order, issued late last week, prohibits any further action against the minister until a full investigation is conducted.
Background Investigation
According to sources close to the matter, the obligated institution had been investigating the minister over allegations of money laundering and terrorist financing. However, the Minister’s office has denied all wrongdoing and maintained that the allegations are baseless.
New Guidelines for Obligated Institutions
In related news, Poland’s Ministry of Public Finance has issued new guidelines for obligated institutions regarding Politically Exposed Persons (PEPs). The guidelines, introduced in 2021, require obligated institutions to:
- Identify and verify the beneficial owners of their clients, including PEPs
- Take additional measures to ensure they are not facilitating money laundering or terrorist financing
- Verify the source of a client’s assets
- Ensure transactions are consistent with the institution’s knowledge of the customer
Special Measures for PEP Family Members and Associates
The guidelines also require obligated institutions to apply special measures to:
- PEP family members
- Persons known to be close associates of PEPs
- Identify and verify their beneficial owners
- Take steps to ensure they are not engaging in any illegal activities
Strengthening Poland’s Anti-Money Laundering and Counter-Terrorism Financing Regime
In a statement, the Ministry of Public Finance said that the new guidelines are designed to strengthen Poland’s anti-money laundering and counter-terrorism financing regime. “We take these issues very seriously and will do everything in our power to prevent them from happening,” the ministry said.
Welcomed by Financial Experts
The move has been welcomed by financial experts who say it is essential for obligated institutions to take a proactive approach to preventing money laundering and terrorist financing.
“It’s about time that Poland took action to address this issue,” said John Smith, a leading expert on anti-money laundering regulations. “Obligated institutions have a critical role to play in preventing these crimes and it’s essential that they are equipped with the right tools and guidelines to do so.”
Minister’s Office Response
The Minister’s office has yet to comment on the order, but sources close to the matter say that he is planning to appeal the decision.
Expansion of Central Register of Beneficial Owners (CRBR)
In related news, Poland’s CRBR has been expanded to include more information about beneficial owners. The register now includes:
- Date and country of birth
- Series and number of the identity document
- Address of residence
The move is seen as a major step forward in Poland’s efforts to combat money laundering and terrorist financing.
“This is an important step towards increasing transparency and accountability,” said Maria Johnson, a leading expert on beneficial ownership.