Financial Crime World

Here is the rewritten article in markdown format:

Financial Crime Prevention Strategies in Poland Come Under Scrutiny

A report by MONEYVAL, a body of the Council of Europe, has highlighted Poland’s efforts to combat money laundering and terrorist financing (AML/CFT). The country’s AML/CFT system was assessed against international standards, with recommendations made to strengthen its measures.

Risks and Threats

Despite considering the terrorist threat to be low in Poland, the country faces several risks including:

  • Corruption
  • Drugs
  • Human trafficking
  • Terrorism financing
  • Tax crimes

The first national risk assessment in 2019 identified money laundering as a significant threat, particularly from criminal groups involved in smuggling migrants, property crimes, copyright infringement, and industrial property rights.

Recommendations for Strengthening AML/CFT Measures

The report emphasized the need for Poland to:

  • Strengthen its legal framework
  • Implement priority actions, including:
    • Activating laws
    • Criticizing and interpreting the criminal justice system
    • Improving international cooperation
  • Establish a mechanism to collect comparable statistics on AML/CFT
  • Develop a consistent approach to asset tracking, seizure, and recovery

Supervision of Regulated Institutions

Supervision of regulated institutions should be increased, with hand coordination and monitoring by the General Inspectorate for Financial Information (GIFI). Technical deficiencies in regulations 30 and 32 must be addressed to ensure that combating terrorism financing is a crime in itself.

Private Sector Efforts

The private sector has been praised for its efforts in dealing with AML/CFT risks, but countermeasures against terrorist financing exploitation by non-profit organizations are needed. Awareness-raising activities should be carried out in the private sector, and authorized persons educated about liabilities related to money laundering.

International Cooperation and Coordination

FATF and MONEYVAL play a crucial role in promoting international AML/CFT standards and best practices. FATF sets global standards for combating money laundering and terrorism financing, while MONEYVAL evaluates member countries’ compliance with these standards through its mutual evaluation process.

International cooperation and coordination are essential in combating financial crime. Poland has taken steps to strengthen its international cooperation efforts, including membership in MONEYVAL and active participation in the international AML/CFT framework.

Minimizing AML/CFT Risks

Businesses in Poland can minimize their AML and CFT risks by utilizing Sanction Scanner compliance software, which offers solutions such as:

  • Know-your-customer (KYC)
  • Customer due diligence (CDD)
  • Transaction screening
  • Transaction monitoring

Strengthening the AML/CFT System

To strengthen its AML/CFT system, Poland needs to align risk assessment results with policies and make institutional and operational changes. A comprehensive set of criteria for prioritizing suspicious transactions must be developed and implemented, along with resources made available for risk-based supervision.