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Hungary Struggles to Combat Money Laundering, Mutual Evaluation Reveals

Budapest, Hungary - Hungary has made significant strides in implementing anti-money laundering measures, but still falls short in several areas, according to a recent mutual evaluation by the Financial Action Task Force (FATF).

Highlights of the Evaluation

• Hungary is “partially compliant” with 24 out of the 40 FATF recommendations aimed at combating money laundering and terrorist financing.
• The country scored highest in areas such as national cooperation and coordination, and customer due diligence.
• However, it struggled to meet requirements in regards to confiscation and provisional measures, and reporting of suspicious transactions.

Key Issues Identified

• Lack of effective confiscation and provisional measures to seize assets involved in money laundering.
• Inadequate guidance and feedback on anti-money laundering regulations, leaving financial institutions unclear about their obligations.
• Laws and regulations related to terrorist financing were not adequately targeted or proportionate to the risk posed by terrorism.
• Effective measures to prevent the misuse of shell companies and other legal arrangements for money laundering and terrorist financing purposes are lacking.

Progress Made

• Hungary has strengthened its national cooperation and coordination mechanisms in recent years.
• Improvements have been made to customer due diligence practices at financial institutions.

Government Commitment

The government has committed to addressing the issues identified by the evaluation and is working to strengthen its anti-money laundering framework. “We are committed to ensuring that our country’s financial system is robust and secure,” said a government spokesperson. “We will work to address these shortcomings and continue to cooperate with international partners to combat money laundering and terrorist financing.”