Union of Polish Banks protests anti-laundering draft

Experts demand the bill be amended so that it complies with the law and does not shatter clients' confidence in the banking sector. Under the draft's provisions, now awaiting a third reading in the Sejm, all banks would have to report to the General Financial Information Inspector (GIIF) about all According to The Union of Polish Banks (ZBP), the draft of the anti-laundering bill infringes the Constitution. ZBP transactions involving more than euro 10,000 or raising laundering suspicions. The banks would also be obliged to reveal their confidential financial operations to all Interior Ministry departments. Another portion under fire is the permission it would grant the police to investigate suspicious accounts on demand. ZBP authorities say they are not against the bill, but want all procedures to comply with the Constitution. They argue that sensitive information should be disclosed only in justified cases. The banks would also like to keep their clients informed if their accounts have passed GIIF inspection, since under the draft's provisions this information would be confidential. (Rzeczpospolita, page B4) J.K.