HUNGARY’S AML ACT FALLS SHORT ON 4AMLD COMPLIANCE AND 5AMLD LAW IS NOT PASSED – SAYS BRUSSELS
February 2nd, 2020
HUNGARY has been making progress in developing its anti-money laundering and combating the financing of terrorism (AML/CFT) legislation. But the European Commission is unhappy with its progress on implementing the European Union's (EU) fourth and fifth anti money laundering directives. It sent a formal notice on February 12 that Hungary had failed to pass any legislation writing the AMLD5 law into the Hungarian statute book, and claims Budapest’s compliance with AMLD4 is partial. The deadline for implementing AMLD5 was on January 10, 2020. If Hungary does not ...
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