BOSNIA AND HERZEGOVINA ADOPTS KEY LEGISLATION TO COMBAT MONEY LAUNDERING AND TERRORIST FINANCING

New Law Enables Authorities to Combat Organized Crime, Corruption, and Terrorism

The OSCE Mission to Bosnia and Herzegovina welcomes the adoption of a crucial law that will enhance authorities’ ability to tackle organized crime, corruption, and terrorism in the country.

Background and Assistance from the OSCE Mission

After extensive support from the OSCE Mission to working groups established by the Council of Ministers, the Law on Preventing Money Laundering and Terrorist Financing was adopted. Over several years, the OSCE Mission provided substantial assistance to these working groups, resulting in the adoption of key policies including:

• Updated National Risk Assessment on Money Laundering and Terrorist Financing
• Action Plan
• New Strategy for Preventing and Combating Terrorism
• Risk Assessment on Organized Crime
• Strategy for Combating Organized Crime

Development of Key Policies

The development of these documents was characterized by professionalism and commitment from representatives of competent institutions at all levels of government, with exemplary leadership from the BiH Ministry of Security. The working group responsible for drafting the Law on Preventing Money Laundering and Terrorist Financing was commended for its effective and constructive approach in finding solutions that have now been enshrined in a law largely aligned with Financial Action Task Force (FATF) recommendations.

Benefits of the Adoption of This Legislation

The adoption of this legislation is seen as a positive development that benefits both the political and economic prospects of Bosnia and Herzegovina, offering advantages to citizens and businesses alike.