Financial Crime World

Poland Takes Tough Stance on Money Laundering

Combating Money Laundering: A Major Concern for Poland’s Financial Sector

Warsaw - Poland has made significant strides in combating money laundering, a major concern for the country’s financial sector. According to a recent report, the number of lawful convictions of money laundering in Poland has increased steadily over the years.

The Polish Criminal Code was amended in 2000 with the introduction of the Anti-Money Laundering Act, which criminalized a wider range of activities and made the act more efficient. The law prohibits:

  • Conversion or transfer of property derived from criminal activity
  • Concealment or disguise of the true nature of such property

International Efforts to Combat Money Laundering

Poland is also part of international efforts to combat money laundering, including:

  • The Vienna Convention of 1988
  • The United Nations Convention against Transnational Organized Crime signed in Palermo in 2000
  • The Council of Europe’s Convention on laundering, search, seizure and confiscation of proceeds from crime and on the financing of terrorism, adopted in Warsaw in 2005

Tough Stance on Money Laundering

Poland has taken a tough stance on money laundering, with Article 299 of the Polish Criminal Code imposing punishment for imprisonment ranging from three months to five years for those found guilty of such crimes.

Conviction Rates and Ongoing Investigations

According to data acquired from the Ministry of Justice, there has been an increase in the number of convictions under Article 299 §1:

  • 3 convictions in 1998
  • 8 convictions in 1999
  • 11 convictions in 2005

Law enforcement agencies are also conducting ongoing criminal investigations.

Commitment to Combating Money Laundering

The Polish government’s commitment to combating money laundering is seen as a major step forward in ensuring the stability and integrity of the country’s financial sector.