Budapest, February 3 (MTI) – Demand for “money-laundering” accounts has jumped since Hungarians legalised more of their hidden funds — generally from tax havens — in last year’s final quarter than in the whole of the previous three quarters combined, business daily Vilaggazdasag said on Wednesday.
According to tax office (NAV) data, in light of the tax amnesty offered by the government last year, 720 so-called Stability savings accounts were opened last year containing 53.2 billion (EUR 170m) forints overall. By comparison, a year before, 610 such accounts were opened with funds totalling 37.9 billion forints.
In spite of the growth last year, the amount transferred to the accounts was less than expected, the paper said.
More than fifty countries tightened up their financial rules and international agreements on Jan. 1, which likely explains the spike in the final quarter last year.
On the back of the government’s amnesty, altogether 91 billion forints has been repatriated.