Poland Boosts Efforts Against Money Laundering and Terrorist Financing

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A recent Follow-Up Report has highlighted significant progress made by Poland in strengthening its measures to combat money laundering and terrorist financing. The country has taken concrete steps to improve its compliance with international standards set forth by the Financial Action Task Force (FATF).

Progress Made in Recommendations 15 and 34

The report focuses on Poland’s advancements in two key areas:

• Recommendation 15: New Technologies: While still partially compliant, significant progress has been made to improve the country’s measures against money laundering and terrorist financing through new technologies.
• Recommendation 34: Guidance and Feedback: Poland has achieved largely compliant status under this recommendation, demonstrating its commitment to providing guidance and feedback to financial institutions and other stakeholders.

Current Status of FATF Recommendations

Out of a total of 40 FATF Recommendations, Poland currently meets international standards in two areas:

• Fully Compliant: 2 recommendations are fully compliant with all requirements.
• Largely Compliant: 22 recommendations have achieved largely compliant status, indicating significant progress made by the country.
• Partially Compliant: 16 recommendations still require further improvement to meet international standards.

Conclusion

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Despite some work remaining to be done, Poland’s efforts demonstrate its commitment to combating money laundering and terrorist financing. This is a crucial step towards maintaining financial stability and security in the country. The progress made by Poland highlights its dedication to improving its anti-money laundering and counter-terrorism financing framework.