CoE: Hungary progresses in fight against money laundering, terrorism financing
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism published its follow-up report on a 2016 review on Wednesday.
Moneyval has decided to keep Hungary in an “enhanced follow-up process”, designed to monitor the country’s progress in measures against money laundering and terrorism financing through annual follow-ups.
At the same time, the body said Hungary has improved legislation regarding politically exposed persons, in line with the recommendations of the Financial Action Task Force (FATF), an informal body setting the standards for the review. “Hungary is now rated as compliant on five of the 40 FATF Recommendations, and largely compliant on 29 of them. It remains partially compliant on six of the 40 FATF Recommendations,” the report said.
Hungary slid back on complying with the recommendation on virtual assets and service providers, and is now “partially compliant”, the report said.