Hungary Makes Progress in Fight Against Money Laundering

Budapest Takes Significant Steps to Address Loopholes

Hungary has been working tirelessly to address the loopholes that have allowed money launderers to operate with relative ease in the country. Recent assessments by international anti-money laundering watchdogs indicate that Hungary’s efforts have paid off, resulting in an upgrade on one key recommendation.

Improved Technical Compliance

The country has made notable progress in improving its technical compliance with global standards for preventing money laundering and terrorism financing. This improvement led to an upgrade from Partially Compliant to Largely Compliant on Recommendation 15, a significant milestone in the fight against financial crimes.

Key Progress Highlights:

• Upgrade from Partially Compliant to Largely Compliant on Recommendation 15
• Improved technical compliance with global standards for preventing money laundering and terrorism financing

Room for Improvement Remains

While Hungary has achieved an impressive record of Large Compliance (LC) on 38 out of 40 recommendations evaluated by MONEYVAL, two areas remain partially compliant:

• Recommendation 8: requires further attention from Hungarian authorities
• Recommendation 32: remains partially compliant and needs improvement

Continued Commitment to Strengthening Anti-Money Laundering Measures

The country will continue to be subject to enhanced follow-up and will report back to MONEYVAL regularly to demonstrate its commitment to strengthening anti-money laundering measures. With this progress, Hungary takes a step closer to joining the ranks of countries with robust financial systems that are less vulnerable to money laundering and terrorism financing.