Following Hungary's abandonment of the tradition of anonymous 'sparbuch' accounts which earned it its place on the Financial Action Task Force's anti-money laundering blacklist, the Swiss Economic Affairs Minister, Pascal Couchepin, has praised the country on its progress against money laundering.
M. Couchepin described the new legislative and regulatory measures taken by the Hungarian Government - which included an update to the country's anti-money laundering laws and the removal of provisions permitting the opening of new anonymous bank accounts - as 'promising and successful'.
Following its plenary meeting at the beginning of February, the FATF also announced that Hungary had enacted nearly all of the legislation necessary to remedy its anti-money laundering 'deficiencies'.
Speaking on Hungarian television last week, Mihaly Varga, the Hungarian Finance Minister reassured viewers that: 'Those who have had nothing to fear before will not have to fear in the future either as a result of these measures.' He went on to explain that: 'The National Assembly adopted only and exclusively those points which threaten only those who want to launder money for the cause of terrorism.'
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