Poland Makes Strides in Combating Money Laundering and Terrorist Financing

Poland has made significant progress in strengthening its efforts to combat money laundering and terrorist financing (AML/CFT), according to a recent follow-up report.

Progress Implementing AML Recommendations

The country has made notable strides in addressing Recommendation 34, which pertains to guidance and feedback. Poland has transitioned from a partially compliant rating to largely compliant, demonstrating its commitment to providing effective support mechanisms for financial institutions.

• Notable improvement in addressing Recommendation 34
• Transition from partially compliant to largely compliant

Meanwhile, Poland’s rating for Recommendation 15, related to new technologies, remains partly compliant. However, the country is expected to continue working towards full compliance with this recommendation in the future.

Milestones Achieved

As of now, Poland has achieved significant milestones in implementing AML/CFT measures. The country boasts:

• 2 out of 40 recommendations that are fully compliant
• 22 recommendations have been rated largely compliant
• 16 recommendations still require improvement to achieve full compliance

The follow-up report provides a comprehensive overview of Poland’s progress and highlights areas where the country needs to improve its AML/CFT regime.

Significance of the Report

The report serves as a valuable tool for:

• Policymakers: to ensure that Poland remains at the forefront of international efforts to combat money laundering and terrorist financing
• Financial institutions: to understand the country’s progress in implementing AML/CFT measures
• Other stakeholders: to monitor Poland’s efforts and provide guidance where necessary

Overall, the report highlights Poland’s commitment to strengthening its AML/CFT regime and its progress towards achieving full compliance with international recommendations.