Financial Crime World

Financial Crime Definition in Poland: A Comprehensive Overview of the National System

The Polish system for countering money laundering and financing terrorism (AML/CFT) is a complex network of institutions and authorities working together to prevent and combat financial crimes. This article provides an overview of the key components, responsibilities, and international cooperation within the national AML/CFT system.

Key Components of the System

The Polish AML/CFT system relies on several key components:

General Inspectorate of Financial Information (GIFI)

  • Serves as the primary authority responsible for overseeing the AML/CFT system in Poland
  • Tasks with investigating suspicions of money laundering and terrorist financing
  • Provides information to law enforcement agencies

Obligated Entities

  • Financial institutions, including banks, insurance companies, and investment firms
  • Required to report suspicious transactions and maintain accurate records
  • Must implement effective AML/CFT measures to prevent financial crimes

Cooperating Institutions

  • Law enforcement agencies, such as the Border Guard and tax offices
  • Provide critical information to the GIFI and other authorities in the fight against financial crime

Prosecutors

  • Play a crucial role in investigating and prosecuting cases related to money laundering and terrorist financing

Key Responsibilities

The following are key responsibilities within the Polish AML/CFT system:

Reporting Suspicious Transactions

  • Obligated entities must report any suspicious transactions to the GIFI
  • The GIFI verifies the information and notifies law enforcement agencies if necessary

Maintaining Accurate Records

  • Entities must keep detailed records of all financial transactions, including customer identification data and transaction details

Implementing AML/CFT Measures

  • Obligated entities must implement effective measures to prevent money laundering and terrorist financing
  • Includes customer due diligence and risk assessment

Providing Information

  • Cooperating institutions and prosecutors must provide information to the GIFI and other authorities in relation to financial crimes

International Cooperation

Poland is a member of several international organizations and forums dedicated to combating money laundering and terrorist financing, including:

Financial Action Task Force (FATF)

  • A global standard-setter for AML/CFT measures
  • Poland has committed to implementing the FATF’s recommendations on combating money laundering and terrorist financing

Egmont Group

  • An international network of FIUs working together to combat financial crime
  • Poland is a member of the Egmont Group and collaborates with other countries in combating financial crime

Council of Europe’s MONEYVAL Committee

  • Evaluates and monitors the effectiveness of AML/CFT measures in member states
  • Poland has implemented the Council of Europe’s recommendations on combating money laundering and terrorist financing

Contact Information

The General Inspectorate of Financial Information can be reached at:

  • Address: Ministerstwo Finansów, ul. Świętokrzyska 12, 00-916 Warszawa, Polska
  • Phone: +48 22 694 30 60
  • Fax: +48 22 694 54 50
  • Email: sekretariat.IF@mf.gov.pl