Hungary’s Parliament has passed the law establishing the National Asset Recovery and Asset Protection Office, granting it extensive powers to investigate suspected misuse of public assets and recover unlawfully acquired state property. New office to recover EU fundsHungary’s Parliament has approved legislation establishing the National Asset Recovery and Asset Protection Office (NVVH), creating a new authority tasked with protecting public assets, investigating suspected misuse of state property and helping recover unlawfully acquired public wealth. According to the legislation, the new office will provide the legal framework needed to safeguard public assets, uncover unlawful management of state property and facilitate asset recovery. Wide-ranging investigative powers for asset recoveryThe NVVH will be authorised to carry out public asset protection risk assessments and investigations, as well as place organisations under public asset protection supervision where necessary. The National Asset Recovery and Asset Protection Office will also have the authority to inspect the bank accounts and financial assets of organisations placed under its supervision.