Changes Expected to Money Laundering Statutes

In Poland, AML issues have been regulated by the Act of 1 March 2018 on Counteracting Money Laundering and Terrorism Financing (Journal of Laws of 2023, item 1124, as amended; hereinafter referred to as the AML Act). It was created as part of the implementation of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2015 of the European Parliament and of the Council 2012 and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC. The AML Act and the case law and administrative practice surrounding it are subject to constant transformation, and two crucial amendments to the Polish AML Act are approaching and will most likely be adopted in 2025. 

First, the draft act on entities servicing credits and credit purchasers (parliamentary paper no. 765), which is currently being discussed in the Public Finance Committee, provides for two important changes to the AML regulatory system in Poland. The draft act proposes to change Article 2 sec. 1 of the AML Act to include entity servicing credits as obligated entities. As a result, financial market control will be strengthened. In addition, the amended Article 105 of the AML Act will allow the General Inspector of Financial Information to share information collected during administrative proceedings for permits permitting foreigners to acquire real estate, which is intended to limit the possibility of money laundering through real estate trading by foreigners.

Second, the government is seeking to amend the draft act regarding special solutions in the field of counteracting support for aggression against Ukraine and serving to protect national security. The new regulations are intended to ensure the consistency of national solutions with EU law and to comprehensively tighten the sanctions system against Russia and Belarus. The catalogue of prohibitions that are subject to financial penalties and criminal sanctions is being expanded. Companies that trade with foreign countries will have to ensure that goods moving through the territory of the Russian Federation or Belarus are only in transit and are not intended for use in Russia or Belarus. Entrepreneurs who trade so-called dual-use goods with third countries will have to receive declarations from their foreign contractors about their further contractors.

In addition, the General Inspector of Financial Information, who is tasked with supervising compliance with AML regulations in Poland, has in recent announcements focused on virtual currencies. Announcement no. 84 reminds us of the obligation to apply AML regulations to transactions in virtual currencies worth EUR 1,000 or more. And in announcement no. 87, the General Inspector indicated the adoption of new EU regulations requiring that Virtual Asset Service Providers implement anti-money laundering measures in virtual currency transactions.