CoE notes Hungary improvements in fighting money laundering, terrorist financing
Moneyval (Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Finance of Terrorism) said that its review had focused on Hungary’s enhanced due diligence requirements for correspondent banking relationships, obligations for financial groups and companies register.
Hungary has demonstrated good progress in the level of compliance with FATF (Financial Action Task Force) standards in these three areas, the report said.
Full compliance has been achieved with five of the 40 FATF recommendations constituting the international Anti-Money Laundering and Terrorist Financing (AML/CFT) standard, it said. Hungary retains minor deficiencies in the implementation of 32 recommendations where it has been found “largely compliant”. Three recommendations (on non-profit organisations, on new technologies, on cash couriers) remain “partially complaint”, it added.
Hungary has no “non-compliant” ratings, the expert body said in its report. “All in all, 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 five years after the adoption of the mutual evaluation report,” it said.
“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. Hungary is expected to report back in two years’ time”, it added.