Financial Crime World

FATF Report Highlights Poland’s Efforts to Combat Money Laundering, but Urges Strengthened Measures

Poland has been assessed by MONEYVAL, a body of the Council of Europe, on its efforts to combat money laundering and terrorist financing. The report highlights both the country’s strengths and weaknesses in preventing financial crimes.

AML/CFT System Praises, but Room for Improvement

The report praises Poland’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) system for its measures aimed at preventing financial crimes. However, it suggests that more needs to be done to strengthen its effectiveness.

Key Challenges and Risks

Despite a low terrorist threat, Poland faces risks from:

  • Corruption
  • Drugs
  • Human trafficking
  • Terrorism financing
  • Tax crimes
  • Other criminal activities

Recommendations for Strengthening AML/CFT Measures

To address these risks, the report recommends that Poland:

  • Activate its AML/CFT laws
  • Improve international cooperation
  • Increase supervision in regulated institutions
  • Develop a mechanism for systematically collecting comparable statistics on money laundering cases
  • Improve asset tracking, seizure, and recovery

The Importance of International Cooperation

The report highlights the importance of FATF’s recommendations and MONEYVAL’s mutual evaluation process in promoting international standards against AML/CFT. It emphasizes the need for countries to work together to share intelligence and coordinate efforts to combat financial crime.

Utilizing Sanction Scanner Compliance Software

Businesses in Poland can utilize Sanction Scanner compliance software, which provides solutions such as:

  • Know Your Customer (KYC)
  • Customer Due Diligence (CDD)
  • Transaction Screening
  • Transaction Monitoring

Conclusion and Recommendations

The report concludes that Poland needs to align its risk assessment results with AML/CFT policies and make institutional and operational changes. It also recommends developing a comprehensive set of criteria for prioritizing suspicious transaction reports and related analytical transactions, and providing resources for risk-based supervision.

Roadmap for Strengthening AML/CFT Measures

The FATF report provides a roadmap for Poland to further strengthen its AML/CFT system and comply with international standards, ensuring that the country’s financial sector remains resilient against money laundering and terrorist financing.