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