Bosnia and Herzegovina Faces Continued Scrutiny Over Financial Crime Prevention Efforts

Introduction

The Council of Europe’s anti-money laundering body MONEYVAL has issued a revised public statement on Bosnia and Herzegovina, citing continued lack of progress in addressing concerns over the country’s financial crime prevention legislation.

Lack of Progress in Adopting Necessary Amendments

At its 45th plenary meeting last week, MONEYVAL adopted the public statement under Step 3 of its Compliance Enhancing Procedures. This step notes that Bosnia and Herzegovina has still not made sufficient progress in adopting necessary amendments to its Criminal Code. The country did amend its Anti-Money Laundering and Counter Financing of Terrorism Law earlier this year, but the required changes to the criminal code have yet to be implemented.

Urgent Action Needed

As a result, MONEYVAL is urging Bosnia and Herzegovina to take immediate action to address its deficiencies in anti-money laundering and counter terrorist financing legislation. The country’s failure to comply with international standards has significant implications for both domestic and international financial institutions operating within its borders.

Ongoing Concerns and International Pressure

The issue of financial crime prevention has been a long-standing concern for Bosnia and Herzegovina, which has struggled to implement effective measures to combat money laundering and terrorist financing. The country’s lack of progress in this area has raised concerns among international partners and highlighted the need for urgent action to address these deficiencies.

MONEYVAL’s Public Statement: A Call to Action

MONEYVAL’s public statement is the latest development in a ongoing effort to bring Bosnia and Herzegovina into compliance with international standards on financial crime prevention. The body will continue to monitor the country’s progress in addressing its deficiencies, and it remains to be seen whether the government will take the necessary steps to implement meaningful reforms.

Conclusion

The continued scrutiny of Bosnia and Herzegovina by MONEYVAL serves as a reminder of the importance of effective financial crime prevention legislation. As the country works to address its deficiencies, international partners will continue to monitor its progress closely. The outcome will have significant implications for both domestic and international financial institutions operating within its borders.