HUNGARY: MONEYVAL AML/CFT EVALUATION FOLLOW-UP REPORT

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.

https://rm.coe.int/moneyval-2021-6-fur-hungary/1680a29ba4

 

 

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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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