Bosnia and Herzegovina Fails to Address Financial Crime Risk Assessment Templates
MONEYVAL Issues Public Statement on Bosnia and Herzegovina
The Council of Europe’s anti-money laundering body, MONEYVAL, has issued a public statement on Bosnia and Herzegovina, highlighting the country’s continued lack of progress in addressing financial crime risk assessment templates. The statement was adopted at the 45th plenary meeting of MONEYVAL on September 19.
Failure to Amend Anti-Money Laundering Law
Despite efforts to amend the Anti-Money Laundering and Counter Financing of Terrorism Law, which came into force on June 25, Bosnia and Herzegovina has failed to adopt necessary amendments to its Criminal Code. This has left the country with inadequate legislation to combat financial crime.
Urgent Action Required
MONEYVAL has urged the Bosnian government to take immediate action to address these deficiencies, specifically by adopting the required changes to its Criminal Code. The body noted that this is a critical step in ensuring effective anti-money laundering and counter terrorist financing measures are in place.
Implications for Bosnia and Herzegovina’s Financial Sector
Bosnia and Herzegovina’s failure to meet MONEYVAL’s requirements has significant implications for the country’s financial sector. Financial institutions and businesses operating in the country may face increased scrutiny and risk of non-compliance with international standards.
Call for Priority Legislation Adoption
The MONEYVAL public statement highlights the need for Bosnia and Herzegovina to prioritize the adoption of necessary legislation to strengthen its anti-money laundering framework. The country’s failure to do so will likely continue to pose risks to its financial system and reputation.
Key Points:
- Bosnia and Herzegovina has failed to address financial crime risk assessment templates
- MONEYVAL has urged the Bosnian government to adopt necessary amendments to its Criminal Code
- Failure to comply with international standards may lead to increased scrutiny and risk of non-compliance for financial institutions and businesses
- Priority adoption of anti-money laundering legislation is required to strengthen Bosnia and Herzegovina’s financial system and reputation