Hungary passes anti-laundering law

Hungary extended the scope of its anti-laundering legislation at the end of November in a bid to secure removal from the FATF list of non-cooperative countries and territories. Under the new act anonymous accounts become illegal and existing account-holders will have to disclose their identities before they can access their funds. Know your customer requirements will apply to financial transactions over HUF2 million (US$7000). Suspicious transaction reporting obligations will now apply to lawyers, accountants, and dealers in high value goods. From 30 June 2002 only registered credit institutions and their agents will be able to operate foreign exchange outlets.