Hungary : Financial Sector Assessment Program: Detailed Assessment of Standards and Codes — Anti-Money Laundering and Combating the Financing of Terrorism

Author/Editor:

International Monetary Fund

Publication Date:

September 21, 2005

Electronic Access:

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Summary:

This paper presents an assessment of Hungary’s antimoney laundering (AML) and combating the financing of terrorism measures. The Hungarian authorities have made significant progress in strengthening their AML regime. The most important step has been the passage of a revised AML Act of 2003, replacing the 2001 revision of the original 1994 AML Act. With this, the legislative framework for AML is in place, and has been extended to nonfinancial businesses and professions. Financial institutions’ compliance with the AML requirements is well supervised, and they are well aware of their obligations under the Act.

Series:

Country Report No. 05/348

Subject:

English

Publication Date:

September 21, 2005

ISBN/ISSN:

9781451818031/1934-7685

Stock No:

1HUNEA2005005

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

102

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