Hungary; Financial Sector Assessment Program: Detailed Assessment of Standards and Codes â€” Anti-Money Laundering and Combating the Financing of Terrorism

This paper presents an assessment of Hungaryâ€™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 institutionsâ€™ compliance with the AML requirements is well supervised, and they are well aware of their obligations under the Act.

MoreLess

Year of publication:	2005-09-21
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Combating the financing of terrorism \| Financial Sector Assessment Program \| Reports on the Observance of Standards and Codes \| money laundering \| terrorism \| terrorist \| terrorist financing \| law enforcement \| criminal investigation \| legal assistance \| suspicious transactions \| due diligence \| international cooperation \| organized crime \| suspicious transaction \| criminal activities \| financing of terrorism \| internal controls \| terrorists \| terrorist acts \| internal audit \| national security \| predicate offence \| beneficial owners \| internal rules \| domestic legislation \| competent authorities \| criminal investigations \| administrative sanctions \| criminal record \| criminal matters \| suspicious transaction reporting \| transaction reporting \| business relations \| legal entity \| international treaties \| account number \| criminal offence \| shell banks \| supervisory authority \| precious metals \| law enforcement agencies \| economic crimes \| predicate offences \| terrorist group \| terrorist act \| international law \| criminal organizations \| dual criminality \| fight against terrorism \| foreign counterparts \| foreign branches \| good faith \| financial service providers \| customer identification \| internal procedures \| precious stones \| criminal records \| financial transaction \| wire transfer \| foreign authorities \| securities firms \| insurance business \| civil forfeiture \| supervisory authorities \| terrorist assets \| financial intelligence unit \| united nations security \| narcotic drugs \| drug trafficking \| criminal liability \| tax authorities \| internal policies \| reporting requirements \| enforcement authorities \| judicial authorities \| terrorist organizations \| mutual evaluation \| internal control systems \| international standards \| legal arrangements \| terrorist financing cases \| financial crimes \| criminal law \| cash transactions \| transaction records \| enforcement powers \| law enforcement authorities \| supervisory bodies \| counter-terrorism \| compliance officer \| identification data \| transaction reports \| suspicious transaction reports \| money laundering cases \| criminal acts \| money laundering investigations \| secrecy provisions \| counterterrorism \| international terrorism \| money orders \| underlying predicate offences \| unusual transactions \| transferable securities \| asset freezing \| explosives \| investigative techniques \| combating money \| money laundering operations \| due diligence measures \| insurance transactions \| domestic terrorism \| law enforcement officials \| international treaty \| undercover operations \| money market instruments \| criminal sanctions \| insurance policies \| law enforcement cooperation \| acts of terrorism \| anti ? money laundering \| control information \| terrorist activities \| criminal cases \| reporting obligations \| combating money laundering \| foreign banks \| financial transactions \| suspicious transaction report \| beneficial ownership \| criminal offense \| anonymous accounts \| factual circumstances \| international crime \| identity cards \| fictitious names \| securities accounts \| audit function \| terrorist activity \| due diligence standards \| reputational risk \| terrorist groups \| funds transfers \| secrecy laws \| laundering legislation \| designated thresholds \| legal assistance requests \| financial crime \| suspected terrorists \| technical capacity \| confidentiality requirements \| law enforcement activities \| surrender clause \| life insurance policies \| transaction ? ? reporting \| suspicious activity \| money laundering typologies \| ethical standards \| money laundering offence \| licensing process \| law enforcement databases \| due diligence procedures \| legal entities \| penal measures \| explosive devices \| suspected terrorist \| criminal nature \| money laundering schemes \| prudential supervision \| judicial authority \| law enforcement measures \| criminal profits \| foreign jurisdictions \| cross border transportation \| law enforcement bodies \| explosive \| foreign ? jurisdictions \| information exchange \| due diligence requirements \| money laundering charges \| identity documents \| foreign authority \| insurance policy \| banking relationships \| radioactive materials \| suspicious transaction ? ? reporting \| face value \| police services \| assessment methodologies \| identification procedures \| public safety \| life insurance \| negotiable instruments \| law enforcement agency \| terrorism offences \| confiscated assets \| value transfer \| criminal intelligence \| international conventions

freely available

Full text |

More access options

Check Google Scholar

In German libraries (KVK)

I need help

More details

Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 05/348 10 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005591744