Government Decree Gives Hungary’s Tax Authority 60 Days to Identify Intended Recipients of Intercepted Ukrainian “Gold Convoy”

Hungary’s National Tax and Customs Administration of Hungary has been granted sixty days to determine who may have been the intended recipients of a massive shipment of cash and gold seized earlier this month while being transported across Hungary by Ukrainian nationals. Under a newly issued government decree, the authority is also permitted to conduct covert intelligence gathering as part of the investigation. The decree further mandates an examination into whether any Hungarian criminal organization, terrorist group, or political party may have received a share of the funds—consisting of $40 million, €35 million, and nine kilograms of gold.

Ukraine summoned the Hungarian ambassador in Kyiv over the Ukrainian gold convoy (Photo: MTI/Government of Hungary)

Hungary's Prime Minister Viktor Orban acted swiftly in the case. A government decree bearing his signature was published in the official gazette late Monday night and took effect at 11 p.m.

According to the document, a number of national security concerns must be investigated regarding the shipment of $40 million, €35 million in cash, and nine kilograms of gold confiscated on March 5 by the National Tax and Customs Administration (NAV). Authorities are tasked with determining the shipment’s origin, destination, intended use, and the legal basis and purpose of transporting it through Hungarian territory.

The investigation will also examine the identities of those involved in transporting the shipment, their potential connections to criminal or terrorist organizations, and any national security implications arising from what has been referred to as the Ukrainian “gold convoy.”

Authorities must also determine whether part of the cash and gold was intended for use inside Hungary—specifically whether Hungarian criminal organizations, terrorist groups operating in the country, or political organizations could have benefited from the funds.

The tax authority has sixty days to complete the investigation and may use covert intelligence-gathering methods.

For the time being, the seized shipment does not have to be returned to its rightful owner. Under the government decree, it must be treated as confiscated property even without a formal decision from the tax authority.

Hungarian authorities stopped two armored cash-transport vehicles and seven Ukrainian nationals on March 5. 

The vehicles were traveling from Austria to Ukraine carrying $40 million, €35 million in cash and nine kilograms of gold in their cargo compartments.

Hungary's National Tax and Customs Administration, which has launched criminal proceedings on suspicion of money laundering, also revealed that since the beginning of the year more than $900 million, €420 million, and 146 kilograms of gold bars have been transported across Hungarian territory to Ukraine. The total value of the dollars, euros, and gold shipped in just two months amounts to roughly 480 billion forints.

On Monday, Mate Kocsis, parliamentary group leader of Fidesz, submitted a legislative proposal related to the case.

“Suspicious Ukrainian financial movements are taking place on Hungarian territory, and these must be clarified,” Kocsis wrote on social media. “To do so, we must provide additional tools to the tax authority.”

According to national security expert Jozsef Horvath, "the most likely explanation behind the so-called gold convoy could be an illegal arms deal".

“At least one-third of the weapons sent to Ukraine end up on the black market,” he told Magyar Nemzet. “It is possible that someone paid such a large sum for a shipment like that.”

He added that the missing funds are almost certainly being felt by someone.

Horvath also pointed to another factor: Hungary is heading toward parliamentary elections. In his view, it is obvious that both Brussels and Kyiv are interested in a change of government in Hungary.