Aug 13 2007 Marcus Simpson
Poland's Ministry of Finance has issued a draft amendment to its existing legislation to combat money laundering and terrorist financing, according to media reports. The draft proposes imposing fines on financial institutions that do not report suspicious transactions.
The proposals, which would update legislation passed in 2001, also envisage fines against financial institutions that do not document transactions of more than €15,000 ($25,600). The mooted fine is a maximum of three per cent of the institution's annual revenue, although the ministry will be given free rein to establish the sum imposed.
The proposed measures could cost the country's banks greatly if they are passed. The General Inspectorate of Financial Information, Poland's financial intelligence unit, has claimed that seven out of eight banks it has inspected have breached anti-money laundering regulations.
