HUNGARY: AML/CFT EVALUATION FOLLOW-UP REPORT

On 8 June, MONEYVAL released this report saying that improvements in fighting money laundering and terrorist financing have led to upgraded ratings.  It goes on to say that positive steps taken by the authorities have led to the upgrade of Hungary from “partially compliant” to “largely compliant” in 3 areas related to correspondent banking relationships, internal controls in financial institutions and transparency and beneficial ownership of legal persons.  All in all, it is said, Hungary has succeeded in meeting the general expectation of MONEYVAL for countries to have addressed most – if not all – of the technical compliance deficiencies within 5 years after the adoption of the mutual evaluation report.  However, Hungary will remain in enhanced follow-up and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures, and is expected to report back in 2 years’ time.

https://search.coe.int/directorate_of_communications/Pages/result_details.aspx?ObjectId=0900001680a6ccd4

https://rm.coe.int/fur-hungary-5th/1680a6cfe7

https://www.coe.int/en/web/moneyval/-/moneyval-report-on-hungary-improvements-in-fighting-money-laundering-and-terrorist-financing-have-led-to-upgraded-ratings

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!

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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