Therefore, the Ministry for National Economy (NGM) and the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) organized a two-day seminar on 3 and 4 February 2015 to discuss the effectiveness of current legal provisions and their results.

Along with an analysis of methodologies, preparations for the European Commission’s evaluation of the adequacy of domestic anti-money laundering policy, scheduled to take place at the beginning of next year, have also begun.

Unfortunately, technological novelties and innovative financial instruments and technologies are also adding to the arsenal of money launderers and thus defensive regulations and methods, which had been working properly in the past, must be revised. The global anti-money laundering decision-making body - the Financial Action Task Force (FATF) - have been routinely monitoring these changes and adapting counter-measures.

In addition to NGM experts, Hungarian authorities, supervisory agencies and financial services providers operating under the regulation as well as their advocacy groups participated at the two-day conference. Coordinated by NGM, the conclusions drawn at the seminar will be utilized by the Hungarian anti-money laundering experts to elaborate legal, institutional and procedural norms that will increase economic transparency and help detect people implicated in money laundering or the financing of terrorism.

Source: Ministry for National Economy