As of 10 January 2020, the EU Member States must bring into force the laws and regulations transposing the provisions of the Fifth Anti-Money Laundering Directive, as such, they should set up the beneficial ownership registers for corporates.
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”).
In July 2019 the European Commission adopted a communication and four reports that will support European and national authorities in better addressing money laundering and terrorist financing risks, underlining that a number of structural shortcomings in the implementation of the Union’s concerning rules still need to be addressed.
About one year after the entry into force of the fourth anti-money laundering directive and terrorist financing, a new directive in that regard entered into force on 9 July 2018.