Back Poland improved its AML/CFT guidance and feedback for reporting institutions

Poland improved its AML/CFT guidance and feedback for reporting institutions

Poland has improved its measures for tackling money laundering and terrorist financing (AML/CFT), concludes MONEYVAL in a follow-up report released today. This report focuses on Poland’s progress on improving the level of compliance with the Financial Action Task Force (FATF) Recommendations 15 (New technologies) and 34 (Guidance and feedback). 
Since December 2021, Poland has continued to provide guidance and feedback to its reporting institutions. Poland  also took important steps to enhance measures in the virtual asset service providers (VASP) sector, including the introduction of a registration regime; “fit and proper” requirements in relation to natural persons carrying out virtual asset-related activities or being partners, members of the governing bodies or beneficial owners of a VASP; and penalties for VASPs not complying with the registration requirements. 
Whilst Recommendation 15 remained rated Partly Compliant, the country has been re-rated on Recommendation 34 from Partially Compliant to Largely Compliant.
Overall, Poland has made progress in addressing  the technical compliance shortcomings identified in its 2021 Mutual Evaluation Report. Out of the 40 Recommendations, Poland currently has:
       •    2 Recommendations rated Compliant
       •    22 Recommendations rated Largely Compliant
       •    16 Recommendations rated Partially Compliant 
Poland is expected to report back to MONEYVAL on further progress made towards strengthening its AML/CFT system in December 2024.
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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. MONEYVAL evaluates 33 states and territories  (*) and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems and to counter proliferation financing. 

Strasbourg 3 May 2024
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