Financial Crime World

Bosnia and Herzegovina Grapples with Money Laundering and Terrorism Financing Concerns

Conference Aims to Increase Awareness and Address Challenges

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

Background: High Risk Designation

Bosnia and Herzegovina has previously been designated as a country with a high level of risk in terms of preventing money laundering and financing of terrorism. This designation carries significant political, economic, and financial consequences.

New Evaluation Cycle: Increased Emphasis on Implementing FATF Recommendations

The new evaluation cycle by the Moneyval Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism places greater emphasis on implementing Financial Action Task Force (FATF) recommendations, risk assessment, and the impact of measures to prevent money laundering and terrorist financing.

Quotes from Key Stakeholders

  • “If we fail to address these issues, it will not only harm our national interests but also jeopardize our prospects for EU membership.” - Bakir Haverić, Advisor at GIZ
  • “The participation of a wide range of government and private sector actors from across Bosnia and Herzegovina demonstrates the degree of commitment to improving our frameworks for anti-money laundering and combating of terrorist financing.” - Selma Zeković, Chief of Anti-terrorism at the OSCE Mission to BiH

Commitments and Future Plans

  • The GIZ has pledged to continue strengthening the capacities of relevant institutions in Bosnia and Herzegovina through its Global Program on Combating Illicit Financial Flows.
  • The OSCE Mission to BiH will support efforts to increase capacity for detecting and combatting money laundering and terrorist financing, as well as improving compliance with international commitments and standards.