Hungary is one of 17 states to have fully adopted the 10th article of the Warsaw Convention, outlining penalties of legal entities guilty of money laundering, the Council of Europe (CoE) said on Thursday.
In its report on the implementation of the Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism, or the Warsaw Convention, the CoE said that the member states implementing the convention have pledged to enshrine penalties of legal entities guilty of money laundering into law. The punishment should be proportionate, effective and have the effect of a deterrent, the report said.
Hungary has complied with the convention in that respect, the report said, adding that the country should further develop case law in this area.
Besides Hungary, Azerbaijan, Croatia, Cyprus, Greece, Georgia, Italy, Latvia, Lithuania, Malta, Moldova, Portugal, Romania, San Marino, Serbia, Slovakia and Sweden also adopted the 10th article, the report said.
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