Proposed new law is a threat to confidentiality of banks' account holders

The Polish Banks Association (ZBP) has warned against loosening regulations concerning bank confidentiality. The association is worried about a draft bill aimed at curbing money laundering in Poland. Under the new law, financial institutions would have the right to collect unpaid taxes and give the police, border guards, and Office of State Protection officers access to classified bank information. The draft bill also questions the activities of the Financial Control General Inspectorate. ZBP says the newly created entity should only investigate transactions exceeding euro 10,000 to euro 15,000. However, information on such transactions should only be released at a court's request. Pekao S.A. spokesperson Sebastian Luczak said, "Pekao S.A. has nothing against counteracting money laundering, but any action taken should not violate clients' rights to privacy. This is a fundamental rule in banking and consequently we fully endorse ZBP concerns." (Parkiet, page 8) J.K.