The Council of Europe’s anti-money laundering and counter-terrorist financing body (MONEYVAL) in its report published today, welcomes that the number of investigations and prosecutions for money laundering in Hungary are on the rise. However, it considers that the fight against money laundering is not a priority objective. (See also the summary of the report).
The report analyses the implementation by Hungary of international standards against money laundering and terrorist financing since the country’s last evaluation in 2010. Although it acknowledges that Hungary is aware of many money laundering threats and vulnerabilities, the report concludes that a more detailed analysis of these should be undertaken through updating the country’s national risk assessment.
Prosecutions of money laundering, the report says, are not commensurate with the risks and threats identified in Hungary. They should also address the different types of money laundering. Only a limited number of cases highlight structured money laundering schemes. Moreover, Hungary did not demonstrate an effective and successful application of its seizure/confiscation rules. (more...)
