Poland

New Documents

OECD: Poland Needs to Improve Controls Against Foreign Bribery

The Organisation for Economic Co-operation and Development called on Poland to strengthen its legislative system to better combat foreign bribery and ensure it complies with the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.

November 12, 2020

GRECO Report Urges Poland to Ensure Independence of Central Anti-Corruption Bureau

The Council of Europe’s Group of States against Corruption published a fifth evaluation round report on Poland’s efforts to prevent corruption and promote integrity in government and law enforcement agencies, highlighting that the majority of Poles still consider corruption to be widespread.

January 30, 2019

GRECO Issues Report on Poland’s Non-Compliance with Anti-Corruption Standards

April 4, 2018

OECD Urges Poland to Issue Reforms to Combat Foreign Bribery

March 22, 2018

Poland Announces MOU with Uzbekistan to Improve AML/CTF Efforts

June 27, 2016

News

Midweek Roundup: Former Coutts AML Exec in Swiss 1MDB Trial, US Companies Reducing Compliance Staff, and More

U.S. MSBs adjust AML controls amid COVID-19 pandemic, Indian authorities suspect JPMorgan Chase of enabling illicit transactions, and more.

May 27, 2020

Weekly Roundup: Iran Named ‘Primary Money Laundering Concern,’ BNP Securities Fined $15 Million, and More

U.S. senator probes claims of Trump’s meddling in Halkbank case, J. Safra Sarasin investigated in anti-graft inquiry, and more, in the weekly roundup.

October 25, 2019

Weekly Roundup: Russians Seek to Avoid US Blacklist, Trump Extends Iran Sanctions Waivers, and More

January 12, 2018

Midweek Roundup: Bangladesh Criticizes U.S. Federal Reserve for Heist, Supreme Court Hears RJR Nabisco Laundering Case, and More

March 23, 2016

Weekly Roundup: Citigroup AML Investigation Expands, RBC in Hot Water for Bahamas Unit, and More

February 27, 2015

Enforcement Actions

0 Items Found

Key Documents

Poland Publishes Consolidated Version of Its AML/CTF Act

January 1, 2010

Poland Delineates Amended Requirements for Reporting of Suspicious Transactions

June 25, 2003

Poland Details Operation, Registration Requirements for Money Exchange Business

March 25, 2011

Important Facts

  • The U.S. State Department identifies Poland as a jurisdiction of concern. Despite being the eighth largest economy in the European Union, Poland is not considered a regional financial center or a particularly important international destination for money laundering. Poland lies along one of the main routes that narcotics traffickers and organized crime groups between the former Soviet Union republics and Western Europe use. According to Poland's government, evasion of customs duties and taxes remains the largest source of illegal funds. Authorities identified virtual currencies, such as Bitcoin, as an increasingly significant avenue for money laundering. Fuel and cigarette smuggling are a major source of laundered proceeds. Money laundering through trade in scrap metal and recyclable material continues to be a growing trend, as is criminal activity in the financial services sector through internet banking, credit cards, and electronic systems for money transfers. The nation's banks, insurance companies, brokerage houses and casinos are also major venues of money laundering. Cybercriminal activity, primarily business email compromise money laundering scams, is increasing in Poland. However, the Ministry of Finance's effectiveness in preventing money laundering that involves tax havens is improving with the increased number of cooperation agreements with other countries.
  • KYC Covered Entities: Banks, financial leasing and factoring companies, currency exchanges, investment companies and funds, the National Depository for Securities, gaming institutions, insurance companies, the National Bank of Poland, the Polish Post, foreign legal entities carrying out brokerage activities, electronic money institutions, credit unions, notaries, foundations, auctioneers, pawnshops, and dealers of high-value goods and precious metal and stones
  • STR Covered Entities: Banks, financial leasing and factoring companies, currency exchanges, investment companies and funds, the National Depository for Securities, gaming institutions, insurance companies, the National Bank of Poland, the Polish Post, electronic money institutions, credit unions, brokerage houses, bookkeeping services, notaries, foundations, real estate agents, lawyers, auctioneers, pawnshops, dealers of high-value goods and precious metal and stones, and new payment services entities and agents
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 269 (2014); Convictions: 121 (2014)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2004 Methodology

Technical Effectiveness
Compliant : 6 High :
Largely Compliant : 24 Substantial :
Partially Compliant : 18 Moderate :
Non-Compliant : 0 Low :
Not-Applicable : 1

BASEL i

Rank : 110/141
Score : 4.36/10

TRANSPARENCY INTERNATIONAL i

Rank : 41/180
Score : 58/100

Tax Justice Network i

Rank : 59/133
Score : 56/100