Hungary

This report examines Hungary’s Observance of Standards and Codes on the Financial Action Task Force (FATF) recommendations for Anti-Money Laundering (AML) and Combating the Financing of Terrorism. Hungary has a substantial AML legal and institutional framework for combating money laundering (ML), including preventive measures for a wide range of service providers and law enforcement measures. The ML offense, while it addresses self-laundering, covers only using the proceeds of crime in the business activity of the perpetrator or in a bank or financial transaction.Combating the financing of terrorism;Reports on the Observance of Standards and Codes;money laundering, terrorism, financing of terrorism, terrorist, terrorist financing, law enforcement, suspicious transaction, domestic legislation, suspicious transactions, due diligence, international cooperation, transaction reporting, suspicious transaction reporting, supervisory authority, organized crime, terrorists, beneficial owners, financial intelligence unit, financial service providers, supervisory bodies, competent authorities, united nations security, internal controls, criminal investigations, foreign branches, financial transaction, terrorist acts, criminal liability, suspicious transaction report, international standards, criminal investigation, counterterrorism, business relations, due diligence requirements, law enforcement measures, cash transactions, wire transfer, predicate offence, reporting requirements, acts of terrorism, international terrorism, account number, terrorist activity, insurance business, licensing process, international conventions, law enforcement officials, suspicious transaction reports, terrorist group, law enforcement agency, predicate offences, terrorist groups, domestic terrorism, fight against terrorism, criminal profits, foreign jurisdictions, legal assistance, investigative techniques, compliance officer, transaction reports, internal rules, underlying predicate offences