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The EU introduces financial restrictive measures by adopting Community regulations. These regulations are - without any extra legislative actions - directly applicable in the jurisdiction of the EU. Taking into consideration that money and capital market service providers subject to AML/CFT Act and property register offices (authorities running property registration) have to make the most effort in implementing financial restrictive measures, the Act CLXXX of 2007 on implementation of financial restrictive measures ordered by the European Union, and amendments of other acts (hereinafter: Kit.) has been adopted as a supplementary and procedural law. Pursuant to the Kit. service providers being subject to AML/CFT Act and property register offices are obliged to report any data, fact, circumstance indicating that the listed individual or entity has assets or economic resources (falling under the scope of financial restrictive measures) within the territory of the Republic of Hungary, and any data, fact, circumstance indicating that the listed individual or entity gains advantage from a transaction.

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