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Financial Crime Investigation Techniques in Poland: Trends, Developments, and Predictions

Poland has witnessed a significant surge in financial crime investigations in recent years. Law enforcement agencies have been focusing on various areas, including sanctions compliance, environmental protection matters, money laundering, and bribery-related inquiries. In-house counsel have played a crucial role in these cases, providing explanations or depositions to the authorities.

Notable Trends

• Doubling of Bank Account Blockades: There has been a notable increase in bank account blockades due to tax evasion and tax fraud investigations.
• Dawn Raids: Dawn raids were primarily conducted by the Office of Competition and Consumer Protection, although they were occasionally assisted by the police.

Significant Law Reforms Impacting Corporate Criminal Liability

In 2023, Poland introduced significant amendments to its criminal law, tightening penalties for all types of white-collar crimes. This includes exposure to both imprisonment and fines.

• New Offense: Obstructing Private Tenders: A new type of offense was introduced, which includes various forms of collusion.
• Shareholder Rights: Shareholders have been granted the right to report situations where management action has put the company at risk of financial loss, and request prosecution by the prosecutor’s office.

Internal Investigations: Key Developments

Challenges from previous years remain unchanged, including:

• Data/Privacy Protection: Ensuring data protection during an investigation.
• Who Should Commission an Investigation: Resolving issues regarding who should commission an internal investigation (often the management of the entity may have a conflict of interest).
• Protecting Whistleblowers: Protecting whistleblowers and dealing with fake or unfounded reports.

Sectors Targeted by Law Reforms or Criminal Enforcement Action

Many investigations were opened in Poland due to alleged illegal advertising of alcoholic beverages, affecting producers, advertising agencies, and retained influencers. These inquiries will most likely continue in 2024.

• Financial Brokers: Financial brokers were also frequently targeted, with the main subject of inquiries being money laundering compliance, licenses, and reporting.
• Online Betting and Gambling Services: Online betting and gambling services were targeted, with the main subject of inquiries being money laundering compliance, licenses, and reporting.

Predictions for 2024

The Polish Financial Supervision Authority (PFSA) is expected to initiate more investigations due to its establishment of a Criminal Matters Department focusing on market abuse, manipulation, and insider trading. There are nearly 1000 listed companies in Poland subject to this department’s scrutiny, along with financial service providers, institutional and individual investors.

Extensive investigations concerning state-owned entities are also imminent due to the impending change of government in Poland. Some of these may affect public-private partnerships and transactions/projects involving companies controlled by the government and their counterparties.

EU Whistleblowing Directive Implementation

The EU Whistleblowing Directive is expected to be finally implemented, which will lead to more reports being made internally or externally by employees. Follow-up actions by the authorities will be imminent, with protecting the identity of whistleblowers and dealing with fake or unfounded reports becoming a major challenge for internal compliance and legal departments.

Poland’s financial crime investigation landscape is set to become even more complex in 2024, with law enforcement agencies expected to crack down on various sectors and companies. In-house counsel must be prepared to respond to these investigations, while also ensuring their organizations are compliant with the new regulations and laws.