Poland

New Documents

GRECO Highlights Lagging Polish Efforts to Combat Corruption

The Council of Europe’s Group of States against Corruption published a report on Poland’s efforts to combat corruption with respect to the country’s members of parliament, judges, and prosecutors.

September 28, 2021

OECD Expresses Concern over Lacking Foreign Bribery Reforms in Poland

The Organisation for Economic Co-operation and Development Working Group on Bribery expressed disappointment in Poland for not taking steps to implement legislative reforms to amend the liability of legal persons with respect to foreign bribery.

June 22, 2021

OECD: Poland Needs to Improve Controls Against Foreign Bribery

November 12, 2020

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

January 30, 2019

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

April 4, 2018

News

European FIUs Often Understaffed, Unequipped Against Financial Crime

European nations deemed most vulnerable to money laundering, terrorist financing and other financial crimes often do not staff and resource their financial intelligence units to levels that account for their exposure, data reviewed by ACAMS moneylaundering.com shows.

March 19, 2021

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

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

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