Ministry of Finance Prepares A New Act On Money Laundering
Government officials published a project of a new act on counteracting money laundering and financing terrorism. The Ministry of Finance is working on new legal provisions due to changes to the EU law. Polish regulations need to be up to date with the law on the European level, as any new provisions passed by the European Parliament affect legal provisions in each Member State.
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 money laundering or terrorist financing addresses such issues as complex information collection and exchange solutions, limitation of cash transactions, control use of electronic money products, obligations about due diligence, identification and verification of beneficiary owner information, the gambling sector, risk recognition. The Commission requires the Member States to set up independent and autonomous Financial Intelligence Units and also lay down effective sanctions for not complying with the anti-money laundering provisions.
The new Polish act is to make countering money laundering more effective and the related legal regulation clearer and easier to understand. The catalog of entities obliged to carry out due diligence proceedings about their clients will be expanded. The government also wants to create a Central Register of Beneficiary Owners that will collect and store information on the actual owners of assets. The data will be in the custody of the Ministry of Finance.
Another new institution will be the Financial Security Committee, a government body that will deal with, among other things, national money laundering risk assessment. The new legal provisions include a definition of virtual currency and an updated definition of money account. The Ministry of Finance wants Bitcoin and the like to be treated at par with other currencies.
The regulations arising from the Directive are to be implemented by the 26th of June 2017. At present, the project is in the assessment phase.
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