The polarimeter system for ITER features 10 viewing chords covering almost the full poloidal cross section of the plasma in a fan-like arrangement. The 10 laser beams all enter the plasma via 150 mm diam penetrations through the diagnostic plug at the low-field side. Small retroreflectors at the high-field side mirror the laser beams back towards the penetrations at the low-field side. Extensive feasibility calculations have led to the conclusion that the optimum wavelength for the polarimeter is around 100 mm. At this wavelength counterproductive effects like refraction and electron cyclotron absorption are negligibly small. However, the anticipated Faraday rotation angles are still very large, such that several important plasma parameters can be measured within the requirements set by the ITER team. In this article the status of the conceptual design of the polarimeter system for ITER will be presented.