The Budapest-based National Tax and Customs Administration (NAV) has raised serious concerns about suspected Ukrainian money laundering—involving massive cash shipments passing through Hungary, totaling approximately $40 million and €35 million—the so-called “Golden Convoy.”
A key piece of evidence released by NAV is a video allegedly showing a former Ukrainian intelligence Major General forging documents in a gas station restroom to facilitate the transit of cash.
The probe intensified after investigators intercepted an armored shipment in early March. The vehicles contained exclusively crisp, uncirculated banknotes—Euros which originated from the Bank of Italy. Involved entities reportedly include Ukraine’s Oshchadbank, alongside Polish and Gibraltar-based financial institutions.
Due to the suspicious origins and intended use of the funds, NAV has requested European Investigation Orders targeting Austria and Poland.
