FinMin: Hungary urges effective EU action against money laundering, terrorism

Effective action against money laundering and terrorism serve the common interests of all European Union member states, Finance Minister Mihaly Varga told an Ecofin meeting on Thursday. But Hungary does not back proposals that would entail national authorities ceding power to EU institutions unless there is a proper justification, he added. According to a ministry statement, Varga said that before setting up any new EU institution, its role should be made clear. Additionally, the question of whether the security of European citizens would improve as a result should be assessed, he added. The European strategy against money laundering and financing terrorism was a headline topic of the Ecofin meeting, Varga said. Hungary's position is that transferring supervisory functions to EU institutions would be a cause for concern.