Hungary: Financial Sector Assessment Program: Detailed Assessment of Standards and Codes — Anti-Money Laundering and Combating the Financing of Terrorism
IMF Staff Country Reports, September 21, 2005
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- Hungary: Financial Sector Assessment Program: Detailed Assessment of Standards and Codes — Anti-Money Laundering and Combating the Financing of Terrorism
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Bibliographic details
- Published: September 21, 2005
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451818031.002
Overview
- This paper presents an assessment of Hungary’s anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.
- The Hungarian authorities have made significant progress in strengthening their AML regime.
Key Findings
- The most important legislative development was the passage of a revised AML Act of 2003, replacing the 2001 revision of the original 1994 AML Act.
- With the revised AML Act of 2003, the legislative framework for AML is in place.
- The AML framework 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.
Legal and Institutional Framework
- Legislative milestones:
- Original AML Act: 1994
- Revision of original Act: 2001
- Revised AML Act: 2003 (replaced the 2001 revision)
- Scope expansion:
- Extension of AML obligations to nonfinancial businesses and professions.
Supervision and Compliance
- Supervision:
- Financial institutions’ compliance with AML requirements is described as "well supervised."
- Awareness and implementation:
- Financial institutions are "well aware of their obligations under the Act."
Subjects and Keywords
- Subjects:
- Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Legal support in revenue administration, Money laundering, Revenue administration, Terrorism financing
- Keywords:
- AML Act, Anti-money laundering and combating the financing of terrorism (AML/CFT), beneficial owner, business organization, CR, criminal offence, Europe, financial institutions, ISCR, Legal support in revenue administration, Money laundering, national bank, notary public, organized crime, Terrorism financing
Content in this bundle
- Detailed Assessment