Poland has taken steps to enhance its anti-money laundering and terrorist financing (AML/CFT) measures but still needs to tackle some shortcomings, concludes the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) in a follow-up report.  

MONEYVAL finds that Poland has made progress in addressing the technical compliance deficiencies impacting the application of the Financial Action Task Force (FATF) standards on non-profit organisations (Recommendation 8) to a large extent and also demonstrated some progress with partly addressing the country’s compliance with FATF recommendation on new technologies (Recommendation 15) as a result of the enactment of the European Union Regulations governing markets in crypto assets and prescribing the travel rule in transfers of certain crypto-assets.

Overall, out of the 40 recommendations, Poland is currently rated as:

• Compliant on three recommendations;
• Largely compliant on twenty-four recommendations;
• Partially compliant on thirteen recommendations.

None of the FATF recommendations is assessed as non-compliant.

MONEYVAL decided to keep Poland under its enhanced follow-up procedure. The country is expected to report back on its overall progress in strengthening AML/CFT measures in a year.

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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a Council of Europe monitoring body and a Financial Action Task Force-Style Regional Body which assesses compliance with the main 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. It comprises 35 jurisdictions, 32 of which are assessed solely by MONEYVAL.