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ARTICLE · 25 SEPTEMBER 2013

The Stability Savings Account: A Boon For Money Launderers?

Deri & Co
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Hungary has largely caught up with most of its fellow EU member states in terms of anti-money laundering legislation.

HungaryGovernment, Public Sector
Bela Deri
Bela Deri

Hungary has largely caught up with most of its fellow EU member states in terms of anti-money laundering legislation. The last country report of the Committee of Experts on the Evaluation of Anti-money Laundering Measures and the Financing of Terrorism (Moneyval), prepared in 2010, listed a number of items to be corrected in Hungarian law regarding the criminalisation of self-laundering, which was not a crime in Hungary at the time. The newly amended and restated Criminal Code 2012 rectified this deficiency and the modified Anti-money Laundering Act 2013 seems to comply with both the other requests of Moneyval and the recommendations of the 2008 Warsaw Convention of the Council of Europe and the Financial Action Task Force on Money Laundering (of which Hungary is not yet a member).

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