Bosnia and Herzegovina Urged to Enhance Anti-Money Laundering Legislation

MONEYVAL Calls for Immediate Action

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

Deficiencies in Anti-Money Laundering Legislation

At its 45th plenary meeting, MONEYVAL noted that while Bosnia and Herzegovina had amended the Anti-Money Laundering and Counter Financing of Terrorism Law in June, necessary amendments to the Criminal Code have yet to be adopted. This lack of progress is hindering efforts to combat money laundering and terrorist financing in the country.

Call for Immediate Action

MONEYVAL has called on Bosnia and Herzegovina to adopt these amendments without delay in order to strengthen its anti-money laundering regime. The body expressed concern that the lack of progress on this issue is hindering efforts to combat money laundering and terrorist financing in the country.

Importance of Proactive Approach

The public statement highlights the importance of Bosnia and Herzegovina taking a proactive approach to addressing its deficiencies in anti-money laundering legislation, in line with international standards and recommendations.

Long-Standing Issue

Bosnia and Herzegovina’s failure to adopt necessary amendments to its Criminal Code has been a long-standing issue, with MONEYVAL first raising concerns in 2014. The country is now being urged to take immediate action to rectify this situation and strengthen its anti-money laundering regime.

Full Public Statement Available

The full public statement from MONEYVAL can be found on the Council of Europe’s website.