On 13th March, MONEYVAL published the follow-up report on the AML/CFT systems of Hungary, which has been in enhanced follow-up since the initial evaluation in 2016. As a result of Hungary’s progress in strengthening its framework to tackle money laundering and terrorist financing since its mutual evaluation, MONEYVAL has re-rated the country on 13 of the 40 Recommendations.

MONEYVAL welcomed progress made many of the Recommendations but considered that shortcomings (which are more than just minor ones) remain in others.  MONEYVAL therefore decided that Hungary should remain in enhanced follow-up and next follow-up report is due in December 2018.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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