SUMMARY

Hungary's overall rating of the implementation of the international standard on exchange of information upon request remains Largely Compliant. Hungary has in place appropriate laws and regulations ensuring the availability and access to most of the relevant information and these rules are also generally well implemented in practice. Key issue where improvement is recommended relates to the protection of information held by attorneys, notaries and auditors which may impede effective exchange of information as these professionals are one of the key sources of beneficial ownership information. Improvements are also recommended in respect of certain aspects of the availability of ownership information, banking information and in respect of the post-exchange notification requirement where banking information is exchanged. Hungary requested and provided information over the review period (from 1 January 2014 to 31 December 2016), mainly with EU member states. Since the last review in 2015 Hungary has significantly improved the efficiency of its exchange of information practice, as also pointed out by peers.