Financial Crime World

Poland Boosts Anti-Terrorist Financing Measures, Says MONEYVAL Report

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Poland has taken significant steps to enhance its anti-money laundering and counter-terrorist financing (AML/CFT) system, particularly in the virtual asset service providers (VASP) sector. According to a latest follow-up report by MONEYVAL, Poland’s efforts have been praised for improving its measures to combat money laundering and terrorist financing.

Progress Made

Since December 2021, Poland has:

  • Provided guidance and feedback to reporting institutions, addressing technical compliance shortcomings identified in its 2021 Mutual Evaluation Report.
  • Introduced a registration regime for VASPs.
  • Implemented “fit and proper” requirements for natural persons involved in virtual asset-related activities.
  • Imposed penalties on non-compliant VASPs.

Upgraded Rating

As a result of these efforts, Poland’s rating on Recommendation 34 (Guidance and feedback) has been upgraded from Partially Compliant to Largely Compliant. The country now has:

  • Two Recommendations rated as Compliant.
  • 22 Recommendations rated as Largely Compliant.
  • 16 Recommendations rated as Partially Compliant out of the total 40 FATF Recommendations.

Future Plans

Poland is expected to report back to MONEYVAL on further progress made towards strengthening its AML/CFT system by December 2024. The country’s efforts demonstrate its commitment to implementing effective measures to combat money laundering and terrorist financing.

About MONEYVAL

MONEYVAL is the Council of Europe’s monitoring body responsible for assessing compliance with international standards on anti-money laundering, counter-terrorist financing, and proliferation of weapons of mass destruction. The organization evaluates 33 states and territories and makes recommendations to national authorities to improve their AML/CFT systems.

Conclusion

Poland’s efforts are a significant step forward in tackling money laundering and terrorist financing. The country’s commitment to implementing effective measures to combat these threats is commendable, and it is expected to continue making progress towards strengthening its AML/CFT system.