Hungary Drops Money Laundering Case Against Oschadbank Cash Convoy
Hungary's National Tax and Customs Administration has closed its money laundering case against Oschadbank's cash convoy, finding the seized banknotes and gold originated from a legitimate interbank deal with Raiffeisen Bank International. Lawyer Lóránt Horváth said the closure undercuts Budapest's original justification for the March seizure and detention of seven Ukrainian couriers.
Hungary has dropped its money laundering investigation into a Ukrainian Oschadbank cash convoy seized in March, concluding no crime was committed, according to the National Tax and Customs Administration (NAV). The case, which involved $40 million in cash, €35 million in euros, and 9 kilograms of gold, was terminated by NAV's Central Investigation Department under Article 399 of Hungary's Criminal Code.
Ukrainian employees were detained and deported from Hungary after the interception, but their deportation orders and Schengen bans were later canceled. Investigators found the assets originated from a lawful interbank transaction between Raiffeisen Bank International AG and Oschadbank. The closure of the money laundering case suggests the March operation may have been politically motivated.
NAV's decision provides further evidence that the operation was not criminal in nature, according to Dr. Lóránt Horváth, lead attorney for Oschadbank.
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