BOSNIA AND HERZEGOVINA FAILS TO MEET ANTI-MONEY LAUNDERING STANDARDS

Council of Europe’s MONEYVAL Condemns Bosnia and Herzegovina for Lack of Progress

The Council of Europe’s anti-money laundering body, MONEYVAL, has issued a public statement condemning Bosnia and Herzegovina for its lack of progress in addressing money laundering concerns. The statement was released following the organization’s 45th plenary meeting, which took place from September 15-19.

Bosnia and Herzegovina’s Efforts Not Enough

According to MONEYVAL, Bosnia and Herzegovina has made some efforts to amend its Anti-Money Laundering and Counter Financing of Terrorism Law, which came into effect on June 25. However, the country has failed to adopt necessary amendments to its Criminal Code, a requirement that MONEYVAL had previously identified as essential.

Urgent Action Needed

The organization is urging Bosnia and Herzegovina to take immediate action to address its anti-money laundering legislation shortcomings. Specifically, MONEYVAL is calling for the adoption of amendments to the Criminal Code, which would bring the country in line with international standards.

Implications of Non-Compliance

Bosnia and Herzegovina’s failure to meet these requirements has significant implications for the country’s financial sector and its reputation as a stable and trustworthy business partner. The lack of progress on anti-money laundering legislation makes it more challenging for Bosnia and Herzegovina to attract foreign investment, which is essential for the country’s economic growth.

MONEYVAL’s Warning

MONEYVAL’s public statement serves as a warning to Bosnia and Herzegovina that it needs to take urgent action to address its anti-money laundering deficiencies. The organization will continue to monitor the country’s progress and may consider further action if necessary.

Previous Criticisms

In related news, MONEYVAL has previously issued a statement criticizing Bosnia and Herzegovina for its lack of progress in adopting necessary legislation. For more information on this topic, please visit the MONEYVAL website.