Hungary more compliant with money laundering standards

Analysis

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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), a monitoring body of the Council of Europe, indicated Hungary had made progress in compliance with international standards to fight money laundering and terrorist financing in a follow-up report published on its website.

The study analyzes Hungary's progress in strengthening its framework for anti-money laundering and combating the financing of terrorism, and addressing technical compliance deficiencies identified in a mutual evaluation report adopted in September 2016. The follow-up report also looks at progress made in implementing new requirements relating to a recommendation on virtual assets and virtual asset service providers. 

MONEYVAL said Hungary is now rated "compliant" on five of the 40 Financial Action Task Force (FATF) recommendations and "largely compliant" on 29 of them. The country is "partially compliant" on six of the FATF recommendations. 

MONEYVAL decided that Hungary will remain in the enhanced follow-up process and report back to MONEYVAL in one year on any progress on its measures to fight money laundering and the financing of terrorism.

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