BANKING FRAUD SCHEMES ROCK BOSNIA AND HERZEGOVINA
Council of Europe’s Anti-Money Laundering Body Issues Warning
The Council of Europe’s anti-money laundering body MONEYVAL has issued a stern warning to Bosnia and Herzegovina, urging the country to take immediate action to address its deficiencies in anti-money laundering and counter terrorist financing legislation.
Bosnia and Herzegovina Fails to Make Progress on Anti-Money Laundering Legislation
According to a public statement released by MONEYVAL, Bosnia and Herzegovina has failed to make progress on adopting necessary legislation to combat banking fraud schemes, despite amending the Anti-Money Laundering and Counter Financing of Terrorism Law earlier this year. The required amendments to the Criminal Code have yet to be adopted, leaving the country vulnerable to financial crimes.
Key Issues with Bosnia and Herzegovina’s Legislation
- Amendments to the Anti-Money Laundering and Counter Financing of Terrorism Law: While amended, the law still lacks necessary provisions to effectively combat banking fraud schemes.
- Required Amendments to the Criminal Code: These amendments have yet to be adopted, leaving a significant gap in the country’s anti-money laundering legislation.
International Concerns Over Corruption and Organized Crime
MONEYVAL’s warning comes at a time when Bosnia and Herzegovina is already grappling with concerns over corruption and organized crime. The body has called on the country to take meaningful action to address its deficiencies, including adopting necessary amendments to its Criminal Code.
Consequences of Inaction
The lack of progress in addressing banking fraud schemes in Bosnia and Herzegovina has raised concerns among international bodies and private sector organizations. MONEYVAL’s public statement serves as a wake-up call for the country to take immediate and effective measures to prevent financial crimes and protect its citizens.
Bosnia and Herzegovina Must Act Swiftly
The country must now take swift action to address its anti-money laundering and counter terrorist financing legislation, or risk facing further consequences from international bodies. The failure to do so could have serious implications for Bosnia and Herzegovina’s economic stability and reputation.