Financial Crime World

Bosnia and Herzegovina Takes Steps to Strengthen Financial Crime Prevention Regulatory Bodies

A Step Towards European Union Membership

Sarajevo, 15 December 2022 - Bosnia and Herzegovina has taken significant strides in strengthening its financial crime prevention regulatory bodies, a crucial step towards securing the country’s prospects for European Union membership. A two-day conference on preventing money laundering and financing of terrorism concluded in Sarajevo today, bringing together over 80 participants from more than 40 institutions to discuss the most pressing challenges and developments in the field.

Key Highlights

  • 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).
  • The conference highlighted the importance of effective anti-money laundering and combating terrorist financing frameworks in securing the country’s prospects for European Union membership.
  • Bosnia and Herzegovina is currently undergoing a new evaluation by the Moneyval Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism.

Implementation of FATF Recommendations

The new evaluation cycle places greater emphasis on implementation of FATF recommendations, risk assessment, and impact on anti-money laundering and terrorist financing measures. This requires Bosnia and Herzegovina to go beyond merely amending legal provisions if found non-compliant.

Strengthening Capacities

Through the Global Program on Combating Illicit Financial Flows, GIZ will continue to strengthen relevant capacities of Bosnia and Herzegovina partner institutions.

Commitment to Improvement

The participation of a wide range of government and private sector actors from across Bosnia and Herzegovina in the conference illustrates the degree of commitment to improving the country’s frameworks for anti-money laundering and combating terrorist financing, according to Selma Zeković, Chief of Anti-terrorism at the OSCE Mission to BiH.

Support for Capacity Building

The OSCE will continue to support efforts to increase Bosnia and Herzegovina’s capacity for detecting and combatting money laundering and terrorist financing as well as improving compliance with related international commitments and standards.