The Hungarian Authorities, the Financial Supervisory Authority included, considers the fight against money laundering of outstanding importance. Being aware of its responsibility in this regard, the Hungarian Government decided two weeks ago, that the anonymous passbooks should be abolished as from January 1st, 2002. The Government decided to submit a draft bill in this sense to the Parliament to its next session in fall 2001, in order to permit the bill's adoption as soon as possible.

The essence of the Government's proposal is that after January 1st, 2002 there would not be any possibility to open new anonymous passbooks anymore with banking institutions. As far as old anonymous passbooks are concerned, at any cash deposit on or withdrawal from it the person presenting the passbook would be identified and registered with the bank, in that way these passbooks would be automatically transformed to nominated passbooks. The presently existing obligation and practice, that there is a special identification requirement with the anonymous passbooks whenever the value of withdrawal or deposit exceeds HUF 2 million, or if there is any suspicion relating to possible money laundering, regardless of the value involved would continue to prevail.

In light of this fact the Hungarian Authorities are confident, that the FATF, and the Member Governments of the FATF will reconsider their assessment, since Hungary, just as in the past, wishes to co-operate also in the future with the international community in the fight against money laundering.

The Hungarian Authorities, the HFSA included