On 26 May, the Council of Europe released the 4th evaluation follow-up report on Hungary. It says thatHungary has improved legislation regarding PEP, with an upgrading its rating on FATF Recommendation 12 from “partially compliant” to “largely compliant”. The follow-up report also looks at progress made in the implementation of new requirements relating to Recommendation 15 (Virtual Assets and Virtual Asset Service Providers), which has changed since Hungary’s last follow-up report was adopted -the rating, originally rated as “compliant”, is now “partially compliant”. Hungary is now “compliant” on 5 of the 40 FATF Recommendations and “largely compliant” on 29. It remains “partially compliant” on 6 of the 40 FATF Recommendations. As is usual with such follow-up reports, effectiveness ratings were not addressed. Hungary will remain in enhanced follow-up, and will continue to report back to MONEYVAL.
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