Bosnia and Herzegovina Urged to Improve Anti-Money Laundering Legislation

The Council of Europe’s anti-money laundering body, MONEYVAL, has issued a public statement urging Bosnia and Herzegovina to address its deficiencies in anti-money laundering and counter terrorist financing legislation.

Progress Made but Further Action Needed

While Bosnia and Herzegovina has made some progress by amending its Anti-Money Laundering and Counter Financing of Terrorism Law, which came into force on June 25, it has yet to adopt necessary amendments to its Criminal Code. This lack of progress has led MONEYVAL to call for immediate action from the country.

Key Deficiencies in Bosnia and Herzegovina’s Legislation

• Lack of adoption of required amendments to the Criminal Code
• Inadequate implementation of effective anti-money laundering measures

Importance of Implementing Anti-Money Laundering Measures

Implementing effective anti-money laundering measures is crucial for preventing financial crimes. The international community will be closely monitoring Bosnia and Herzegovina’s progress in this regard.

International Community’s Concerns

The country’s failure to adopt the required amendments has raised concerns among international organizations, including MONEYVAL. This development comes as Bosnia and Herzegovina continues to struggle with implementing necessary legislation to combat money laundering.

Call for Action from Bosnia and Herzegovina

MONEYVAL emphasizes that Bosnia and Herzegovina must take meaningful steps to address its deficiencies, particularly by adopting the required amendments to its Criminal Code. The public statement is a reminder that Bosnia and Herzegovina must prioritize addressing its anti-money laundering legislation to maintain transparency and prevent financial crimes in the country.