Hungary’s tax authority, the National Tax and Customs Administration (NAV), said on Wednesday that evidence gathered in an ongoing investigation suggests possible criminal activity linked to a shipment of Ukrainian cash and gold passing through the country.
In a statement, the authority said the background of the transport remains unclear, and both the origin and intended use of the funds and gold carried in armoured vehicles could indicate criminal conduct.
The agency said it issued an update to counter what it described as inaccurate information circulating in the media regarding the case, often referred to as the ‘Ukrainian gold convoy’.
The authority confirmed it is conducting a criminal investigation on suspicion of money laundering in connection with large volumes of Ukrainian cash and gold transported through Hungary. The shipment was intercepted in early March, when investigators documented its contents, questioned those involved as witnesses and collected information from multiple sources.
According to the findings so far, the armoured vehicles were carrying only newly printed banknotes in euros and US dollars that had not previously entered circulation. The euro banknotes were printed by the Italian central bank. The transport is believed to involve Ukraine’s Oschadbank, as well as a Polish and a Gibraltar-based financial institution.
Hungarian authorities have requested the issuance of European Investigation Orders to Austria and Poland through the chief prosecutor’s office overseeing the legality of the probe.
Investigators said the shipment included approximately 40 million dollars, 35 million euros in cash and 9 kilograms of gold bars. Evidence collected during the investigation suggests that the origins and intended use of these assets may be linked to criminal activity.
The authority also referred to a video recording, which it said will be released in full, allegedly showing a former Ukrainian intelligence major general supervising the transport falsifying documents at a petrol station, while others discuss what is described as corrupt payments.
The NAV rejected claims that the investigation had not been conducted in accordance with the law, stating that all procedural steps were documented on video and handled in line with relevant regulations.
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