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BLEACHING; Hungary requests the Commission to review its updated list of high-risk third countries before 1 October

10/06/2020
Source : Bulletin Quotidien Europe
Categories: General Information

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Brussels, 09/06/2020 (Agence Europe) – Hungary asked the European Commission, in early June, in a public statement, to review the European  'black' list of high-risk third countries in terms of money laundering ,   before its entry into force on 1 October, "so that the progress made by the third countries concerned in the meantime is duly taken into account ". On 7th May the Commission presented a new delegated act (see EUROPE B12481A6) updating its list, mainly to bring it into line with that of the Financial Action Task Force (FATF)

The Council of the EU and the European Parliament had one month to oppose the list. The deadline was exceeded without objection, Monday, June 8, confirmed two sources.

Neanevertheless, the Commission had specified, when presenting its delegated act, that the addition of third countries to the list will only be effective from 1 October 2020, due to the Covid-19 pandemic.

 " Hungary fully supports the idea of the update ," a diplomatic source told us on Tuesday 9 June, but the country believes " it would be important to review the proposal in the light of the expected international developments before the proposed list n& #39;comes into effect in October ."

In the statement, Hungary also welcomes the Commission's new methodology presented in May (see EUROPE B12482A8). The country is of the view that the revised methodology strikes "an appropriate balance between swift action and the need to consult all stakeholders, both EU Member States and third countries", said the same source. 

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