MONEYVAL PUBLISHES FOLLOW-UP AML/CFT REPORT ON HUNGARY

Also on 14th February, the Council of Europe published an update report from December 2018 on Hungary and it’s AML/CFT framework.  MONEYVAL has re-rated the country on 2 FATF Recommendations originally rated as “partially compliant”.  MONEYVAL has re-rated Hungary on Recommendations 5 (terrorist financing offence) and 28 (regulation and supervision of DNFBP).  These Recommendations are now re-rated as “largely compliant”.  MONEYVAL decided that Hungary will remain in enhanced follow-up and will continue to report back to MONEYVAL in December 2019 on further progress to strengthen its implementation of AML/CFT measures.

https://rm.coe.int/committee-of-experts-on-the-evaluation-of-anti-money-laundering-measur/168092dd19hungary

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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