Reports of money laundering up 80% through June ‘13

Analysis

According to the National Tax and Customs Authority (NAV), reports of money laundering in Hungary totaled 6,160 in the first half of 2013, representing a year-on-year increase of over 80%. In reporting on the statistics, local business news daily Napi Gazdaság noted that NAV report offered no explanation for the massive jump in laundering activity.

Much of Hungary’s money laundering is thought to involve legitimate bank deposits, and NAV also reported that a total of 66 transactions with financial institutions were halted in the first six months of 2013.

NAV referred 92 of the reports to foreign authorities, and this week launched 15 more procedures on filed cases. As of 2011, the National Tax and Customs Office (NAV) estimated money laundering in Hungary to represent $15 billion per year.

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