Financial Crime World

Bosnia and Herzegovina: Key Stakeholders Gather to Discuss Best Practices for Anti-Money Laundering Efforts

A Critical Moment in Combating Illicit Financial Flows

A two-day conference on preventing money laundering and financing of terrorism kicked off in Sarajevo, bringing together over 80 participants from more than 40 institutions. The event was co-organized by the OSCE Mission to Bosnia and Herzegovina, the Ministry of Security of Bosnia and Herzegovina, and the German Agency for International Cooperation (GIZ).

Background

The conference comes at a critical time, with the Moneyval Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism set to evaluate Bosnia and Herzegovina’s progress in this area. The country has previously been designated as high-risk by the EU and Financial Action Task Force (FATF), carrying significant political, economic, and financial consequences.

Key Speakers

Edin Jahić: Head of the Ministry of Security’s Department for Fight against Organized Crime and Corruption

Edin Jahić highlighted the importance of implementing FATF recommendations and risk assessment in the new evaluation cycle. “Changes in the FATF methodology mean that BiH would need to go beyond merely amending legal provisions to fulfill requirements,” he said.

Bakir Haverić: Advisor at GIZ

Bakir Haverić emphasized the crucial role of an effective system of combating money laundering and terrorist financing in Bosnia and Herzegovina’s prospects for EU membership. He reaffirmed GIZ’s commitment to strengthening relevant capacities of BiH partner institutions through its Global Program on Combating Illicit Financial Flows.

Selma Zeković: Chief of Anti-terrorism at the OSCE Mission to BiH

Selma Zeković noted that the participation of a wide range of government and private sector actors from across Bosnia and Herzegovina in the conference demonstrates the country’s commitment to improving its frameworks for anti-money laundering and combating terrorist financing. The OSCE will continue to support efforts to increase BiH capacity for detecting and combatting money laundering and terrorist financing, as well as improving compliance with related international commitments and standards.

The Conference

The conference aims to increase awareness among key stakeholders of the most relevant developments and challenges in preventing money laundering and financing of terrorism. It is seen as an important step towards addressing these complex issues and strengthening Bosnia and Herzegovina’s efforts to combat illicit financial flows.