Hungary: Financial Sector Assessment Program: Detailed Assessment of Standards and Codes — Anti-Money Laundering and Combating the Financing of Terrorism
September 21, 2005
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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.
Subject: 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
Pages:
102
Volume:
2005
DOI:
Issue:
348
Series:
Country Report No. 2005/348
Stock No:
1HUNEA2005005
ISBN:
9781451818031
ISSN:
1934-7685
