 |
|
 
|
|
|
HATC SAMPLE EDITION:
|
|
12th March, 2024
EU authority may be inconvenient to gov’t circles
The future Anti-Money Laundering Authority (AMLA), an EU authority in Frankfurt, will be authorised to ascertain who owns stakes of more than 15% in Hungary-specific so-called private capital funds that are popular among politicians and business leaders close to the government, the anti-corruption website G7 reports.
Data on the ownership structure of these funds going back ten years will have to be provided to the AMLA.
The database – which will also list yachts, private planes and cars worth over €200,000 – will be accessible to journalists and NGOs.
Website G7 writes that, with the innovative creation of private capital funds, governing circles drew on the "best practices” of many European countries experienced in money-laundering and hiding assets to create a legal construction that makes it possible to transfer public funds to business or private entities while the identity of the ultimate beneficiaries remains obscure.
G7 estimates that at least Ft 2.7 trillion had accumulated in such funds by the end of 2022.
|
Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).
|
|
|
 Contact
Free Trial Subscription
|
|
