Hungary Establishes National Asset Recovery Agency

The Hungarian parliament has approved the establishment of a National Asset Recovery Agency, which will focus on reclaiming state funds misappropriated during the 16 years of Viktor Orbán's rule. The agency will be a key element of the new government's strategy to hold officials from the previous regime accountable. Hungary ranks last in the EU on the Transparency International's corruption perception index, which has led to the freezing of billions of euros in funding for the country. The new body combines the functions of the prosecutor's office, police, financial intelligence, and civil court agents, making it unique in the EU. Investigators will gain access to confidential financial data and will be able to file lawsuits, imposing fines of up to $16 million for obstructing investigations. The main targets will be business conglomerates linked to Orbán that dominate the banking, energy, construction, and tourism sectors. It is expected that cleansing Hungary of the influence of the previous government will be comparable to Italy's fight against the mafia. Anti-corruption authorities believe that Orbán's circle may have embezzled around €3.5 billion through inflated contracts. There are also reports of capital flight abroad and asset sell-offs.