Hungary is one of 17 states to have fully adopted the 10th article of the Warsaw Convention, outlining penalties of legal entities guilty of money laundering, the Council of Europe (CoE) said on Thursday.
In its report on the implementation of the Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism, or the Warsaw Convention, the CoE said that the member states implementing the convention have pledged to enshrine penalties of legal entities guilty of money laundering into law. The punishment should be proportionate, effective and have the effect of a deterrent, the report said.
Hungary has complied with the convention in that respect, the report said, adding that the country should further develop case law in this area.
Besides Hungary, Azerbaijan, Croatia, Cyprus, Greece, Georgia, Italy, Latvia, Lithuania, Malta, Moldova, Portugal, Romania, San Marino, Serbia, Slovakia and Sweden also adopted the 10th article, the report said.
Read also This is what Hungary wants to do against money laundering
Source: MTI
If you would like to support the work of the Daily News Hungary staff and independent journalism,
please make a donation here
please make a donation here
Hot news
Orbán cabinet: Improving competitiveness cornerstone of Hungary’s EU presidency
Top Hungary news: Olympics in Budapest, Russian gas, Hungary’s debt, new Müller store, Prince William as landlord, expensive panel flats – 18 November, 2024
Hungarian FM: Suspending EU-Israel political dialogue ‘would be mistake’
European Commission demands a further EUR 60 million from Hungary
Hungary’s MÁV group to undergo major restructuring
Russian gas supplies to Austria disrupted: Will this threaten Hungary’s gas supply?
