Hungary: Authorities ally to clean up finance sector

Analysis

The customs authority (VP) and the finance watchdog (PSzÁF) agreed to cooperate in the fight against offences endangering the operation of the financial sector and money laundering, a joint announcement said.

The two authorities will inform each other when spotting cases that fall into the scope of the other’s jurisdiction. Also, they will set up an expert team to curb and prevent financial abuses, money laundering and terrorism financing. The parties also agreed to have analyses made on the typical offences in the areas involved, and complex annual analyses on new phenomena, future risks, typology of the main crimes, domestic and foreign trends, and the methodology of prevention. PSzÁF will provide material and professional support for VP to build up the IT background necessary for processing reports. They will cooperate in making the IT infrastructure suitable for finance services providers to perform their duty to report over the Internet. (Gazdasági Rádió)

 

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