The United States and Hungary have agreed to sign a tax treaty*, which will avoid double taxation, and theoretically prevent tax evasion. For the compliance officers out there, it is important to note that Article 26 of the treaty, "Exchange of Information," could pose a threat to criminal proceeds laundered and/or invested in Hungary. Financial advisers (read:money launderers) for transnational criminal organisations, who have their own version of country risk guidelines, may now move these criminal assets out of Hungary, lest US law enforcement investigators uncover them, using new data sharing ability.

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