Financial Crime World

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Poland’s Financial Crime Landscape: A Comprehensive Guide to Key Offences, Prosecuting Authorities and Laws

As the Polish economy continues to grow, so does the risk of financial crime. From fraud and money laundering to tax evasion and market abuse, corporate directors and officers are increasingly facing scrutiny from authorities.

Key Financial Crime Offences

In Poland, the following financial crimes are punishable under various laws and regulations:

  • Fraud: intentional deception or misrepresentation to achieve a gain or advantage (Article 299 of the Penal Code)
  • Money laundering: concealing or disguising the origin or destination of proceeds from a crime (Article 166 of the Penal Code)
  • False accounting: falsifying financial statements or records (Article 305 of the Penal Code)
  • Tax evasion: evading payment of tax or VAT (Article 54a of the Value Added Tax Act)
  • Market abuse: manipulating market prices or engaging in insider trading (Article 159 of the Capital Market Supervision Act)

Criminal Liability of Corporates

In Poland, corporates can be held criminally liable under certain circumstances. According to Article 22 of the Penal Code, a corporate is considered responsible for an offence if it was committed by its directors, officers or employees in their capacity as representatives of the company.

Prosecuting Authorities

The lead prosecuting authorities responsible for investigating and prosecuting financial crime in Poland are:

  • National Bureau of Investigation (NBI)
  • Polish Financial Supervision Authority (PFSA)
  • Tax Chamber of the Supreme Administrative Court

Court Proceedings

Financial crime cases in Poland are typically heard by the District Court or the Regional Court, depending on the severity of the offence. Trials may be held with a jury.

Investigation and Evidence Gathering

In Poland, authorities have various powers to conduct investigations, including:

  • Raids: authorities can enter premises to seize evidence
  • Document production: authorities can require companies to provide documents or records
  • Interviews: authorities can conduct interviews of individuals suspected of financial crime

Extraterritorial Effect

Poland’s laws and regulations have extraterritorial effect, applying to Polish citizens and companies operating overseas.

Cooperation with Foreign Authorities

The Polish authorities commonly cooperate with foreign counterparts under various international agreements, such as the European Convention on Mutual Assistance in Criminal Matters.

Legal Professional Privilege and Data Protection

In Poland:

  • Legal professional privilege protects communications between lawyers and their clients from being seized by financial crime authorities.
  • Companies and individuals have rights to data protection and privacy during a financial crime investigation. However, these rights may be limited under certain circumstances.

Successor Criminal Liability and Statute of Limitations

In Poland:

  • There is no doctrine of successor criminal liability. However, corporates may still face penalties for offences committed by their predecessors or subsidiaries.
  • Various statutes of limitations apply to different types of financial crime offences.

Resolving Financial Crime Issues

Poland has mechanisms to resolve financial crime issues short of prosecution, including:

  • Deferred prosecution agreements: require court approval
  • Non-prosecution agreements: may be negotiated with the authorities

Plea Bargaining and Voluntary Disclosure

In Poland:

  • There is no mechanism for plea bargaining.
  • Companies may benefit from voluntary disclosure to the authorities, which can result in reduced penalties or immunity from prosecution.

Sentencing Guidelines and Compliance Procedures

Financial crime authorities evaluate compliance procedures to determine a company’s level of cooperation and willingness to implement remedial measures. The courts typically impose significant penalties on individuals and corporates convicted of financial crimes.

Rights of Appeal

There are various rights of appeal in Poland, including appeals against conviction and sentence.

This article provides a comprehensive overview of Poland’s financial crime landscape, highlighting key offences, prosecuting authorities, laws and regulations. By understanding these dynamics, corporates and individuals can better navigate the complex world of financial crime in Poland.