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MONEYVAL publishes follow-up report on Hungary

Strasbourg 24/01/2020
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MONEYVAL publishes follow-up report on Hungary

As a result of Hungary’s progress in strengthening its framework to tackle money laundering and terrorist financing since the adoption of its mutual evaluation report in September 2016, MONEYVAL has re-rated the country with one Recommendation of the Financial Action Task Force (FATF) originally rated as “partially compliant”.

Hungary was placed in an enhanced follow-up process, following the adoption of its mutual evaluation report, which assessed the effectiveness of its anti-money laundering and counter-terrorist financing (AML/CFT) measures and their compliance with the FATF Recommendations. In line with MONEYVAL’s rules of procedure, the country has reported back to MONEYVAL on the progress it has made to strengthen its AML/CFT framework.

This follow-up report analyses Hungary’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report.

To reflect this progress, MONEYVAL has re-rated Hungary on Recommendation 33 (statistics). This Recommendation is now re-rated as “largely compliant”.

The follow-up report also looks at progress made in the implementation of new requirements relating to Recommendation 2 (national cooperation and coordination) which has changed since Hungary’s last follow-up report was adopted. The rating for Recommendation 2 (rated as “largely compliant”) remains unchanged.

Hungary remains “compliant” on six of the 40 FATF Recommendations and “largely compliant” on twenty-eight of them. It remains “partially compliant” on six of the 40 FATF Recommendations.

MONEYVAL decided that Hungary will remain in the enhanced follow-up process and will continue to report back to MONEYVAL on further progress to strengthen its implementation of AML/CFT measures.