Financial Crime World

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BIH Adopts Historic Law on Anti-Money Laundering and Counter-Terrorism Financing

Sarajevo, Bosnia and Herzegovina - A Landmark Move Towards EU Integration

Parliament of Bosnia and Herzegovina Passes New Law on AML/CTF

In a significant move towards EU integration, the Parliament of Bosnia and Herzegovina has passed a new law on anti-money laundering and counter-terrorism financing (AML/CTF), marking a major milestone in the country’s path to EU membership.

Key Features of the Law

The AML/CTF Law, adopted during an emergency session of the House of Peoples on February 16th, aims to harmonize Bosnia and Herzegovina’s legal and regulatory landscape with key EU standards. The law introduces a comprehensive framework for regulating financial services and products, including crypto assets and e-money.

Key Features:

  • Broadened scope of entities covered, subjecting a wider array of financial institutions and businesses to anti-money laundering regulations
  • Detailed provisions regarding procedures and measures obligated entities must implement when dealing with suspicious transactions and businesses
  • Innovative measures enabling KYC checks through video identification, electronic signatures, and electronic stamps
  • Empowerment of certain obligors to conduct KYC checks indirectly through third parties
  • Mechanisms to guarantee the implementation of statutory limitations for cash transactions and transport of physical currencies

Emphasis on Collaboration and International Cooperation

The AML/CTF Law also places a strong emphasis on collaboration between different authorities within Bosnia and Herzegovina dealing with money laundering and terrorism financing, as well as international cooperation with relevant institutions and authorities.

Conclusion

By adopting this historic law, Bosnia and Herzegovina is taking a significant step towards preventing financial crimes and promoting economic stability. The AML/CTF Law represents a multifaceted and forward-thinking legislative initiative that positions the country as a proactive player in the global fight against financial crimes, fosters EU integration, and embraces the opportunities presented by technological advancements in the financial sector.

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