Legislative changes: tougher sanctions for white-collar crime
Article 296 of the Polish Criminal Code on the crime of abuse of trust, i.e. culpable material damage, is a key point of reference for asset managers and business operators. From October 2023, the lawmakers have decided to introduce Article 306b into the Criminal Code, under which the crime of abuse of trust will be punished with 3-20 years’ imprisonment if the value of the damage caused is PLN 5-10 million, or 5-25 years’ imprisonment if the value exceeds PLN 10 million. The changes also allow for punitive measures, such as a ban on business activities.
How to operate effectively in the new regulatory environment
The changes will significantly increase the risk involved in making decisions. Business operators and managers should therefore review their procedures and controls to avoid a freezing effect, which can be mitigated via comprehensive risk management, including the application of due diligence principles and the implementation of internal procedures.
It is therefore advisable to consult legal counsel and conduct internal audits to help adapt to the new regulations.
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Aneta Serowik
Source: Rzeczpospolita
Date: 1.09.2023
