Financial Crime World

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Poland Improves Measures to Combat Money Laundering and Terrorist Financing, Says FATF Report

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A follow-up report released by MONEYVAL today concludes that Poland has made significant progress in improving its measures to combat money laundering and terrorist financing (AML/CFT). The report assesses Poland’s compliance with the Financial Action Task Force (FATF) Recommendations 15 and 34.

Guidance and Feedback for Reporting Institutions

Since December 2021, Poland has continued to provide guidance and feedback to reporting institutions.

Enhancements in Virtual Asset Service Providers Sector

The country has also taken important steps to enhance measures in the virtual asset service providers (VASP) sector, including:

  • Introduction of a registration regime
  • “Fit and proper” requirements for natural persons carrying out virtual asset-related activities or being partners, members of governing bodies or beneficial owners of VASPs
  • Penalties for VASPs that do not comply with registration requirements

Progress Made in AML/CFT System

While Poland’s rating on Recommendation 15 remains Partly Compliant, the country has been re-rated on Recommendation 34 from Partially Compliant to Largely Compliant. Overall, Poland has made progress in addressing technical compliance shortcomings identified in its 2021 Mutual Evaluation Report.

Current Compliance Status

According to the report, out of the 40 FATF Recommendations, Poland currently has:

  • 2 Recommendations rated Compliant
  • 22 Recommendations rated Largely Compliant
  • 16 Recommendations rated Partially Compliant

Future Progress Expected

Poland is expected to report back to MONEYVAL on further progress made towards strengthening its AML/CFT system in December 2024.

About MONEYVAL

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe responsible for assessing compliance with international standards to combat money laundering, terrorist financing, and proliferation financing. MONEYVAL evaluates 33 states and territories and makes recommendations to national authorities to improve their AML/CFT systems.

Conclusion

Poland’s progress in improving its AML/CFT system is a significant step forward in combating money laundering and terrorist financing. The country’s continued efforts to strengthen its AML/CFT regime are expected to have a positive impact on the global fight against financial crime.