Bosnia and Herzegovina Faces Pressure Over Anti-Money Laundering Policies
Concerns over Lack of Progress in Addressing AML/CTF Legislation
The Council of Europe’s anti-money laundering body, MONEYVAL, has issued a revised public statement on Bosnia and Herzegovina, expressing concern over the country’s lack of progress in addressing its anti-money laundering and counter terrorist financing legislation.
Inadequate Amendments to Criminal Code
MONEYVAL’s 45th plenary meeting, held from September 15-19, noted that while Bosnia and Herzegovina had amended its Anti-Money Laundering and Counter Financing of Terrorism Law, which came into effect on June 25, the necessary amendments to the Criminal Code have yet to be adopted.
Urgent Action Required
The Committee urged Bosnia and Herzegovina to take immediate and meaningful action to address its deficiencies in anti-money laundering and counter terrorist financing legislation. This includes adopting the required amendments to the Criminal Code, which MONEYVAL has identified as a critical step in strengthening the country’s anti-money laundering framework.
Key Recommendations
- Adopt necessary amendments to the Criminal Code
- Address deficiencies in anti-money laundering and counter terrorist financing legislation
- Implement effective anti-money laundering policies
Long-Standing Concerns
The issue of inadequate legislation in Bosnia and Herzegovina has been a long-standing concern for MONEYVAL. The organization had previously called on the country to address its deficiencies in this area, but progress has been slow.
Implications for Global Financial System and Regional Stability
Bosnia and Herzegovina’s failure to implement effective anti-money laundering policies raises concerns about the risk of money laundering and terrorist financing activities within the country. This can have serious implications for the global financial system, as well as for regional stability.
MONEYVAL’s Public Statement and Call to Action
MONEYVAL’s public statement is a formal expression of its concern and a call to action for Bosnia and Herzegovina to take immediate steps to address its anti-money laundering and counter terrorist financing legislation. The organization will continue to monitor the country’s progress in this area and provide guidance and support as needed.
Conclusion
Bosnia and Herzegovina must take urgent action to address its deficiencies in anti-money laundering and counter terrorist financing legislation, including adopting necessary amendments to the Criminal Code. Failure to do so may have serious implications for the global financial system and regional stability.