Virtual currencies will be covered by the amended Anti-Money Laundering Act

A new amendment to the Hungarian Anti-Money Laundering Act seeks to extend its scope to custodian wallet providers and virtual currency exchange platforms, in order to reduce the risks associated to cryptocurrencies. The proposal is currently before the Hungarian Parliament, and aims at fulfilling Hungary’s obligations deriving from the 5th Anti-Money Laundering Directive (“Directive”).

Changes in the competence of the city notaries in construction matters

On 12 November 2019 Gergely Gulyás, Minister of the Prime Minister’s Office proposed an omnibus law in order to further streamline and expedite the operation of the metropolitan and county governmental offices. These offices serve, in many cases, as an authority of second instance where, at first instance, the city notary was the competent authority, so the Hungarian administrative system has shared competences in this respect.

Autumn tax package – Tax benefits may continue to grow

The autumn tax package was submitted to the Hungarian Parliament on 12 November 2019. The new legislative proposal recommends to combine four types of contributions – i.e. the pension contribution, in kind and financial health insurance contributions and social contribution – into one single social security contribution.

European Union would help persons losing their job affected by no-deal Brexit

The European Union would broad the role of the European Globalisation Adjustment Fund (EGF) in order to help workers and self-employed persons in the EU who have lost their job as a result of no-deal Brexit. The EGF was initially set up in 2006 to support workers whose job was affected as a consequence of globalization-related major structural changes. This Fund also helped people who have lost their job resulting from global financial and economic crisis.