BOSNIA AND HERZEGOVINA TAKES STEPS TO IMPROVE ANTI-MONEY LAUNDERING POLICIES

Sarajevo Conference Strengthens Anti-Money Laundering Policies

In a bid to strengthen its anti-money laundering policies, Bosnia and Herzegovina gathered over 80 participants from more than 40 institutions for a two-day conference on preventing money laundering and financing of terrorism. 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).

Increasing Awareness and Understanding

The conference aimed to increase awareness among key stakeholders about the latest developments and challenges in preventing money laundering and financing of terrorism. Edin Jahić, Head of the Ministry of Security’s Department for Fight against Organized Crime and Corruption, emphasized the significance of the conference given that a new evaluation by the Moneyval Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism started last week.

Addressing Past Challenges

In the past, Bosnia and Herzegovina was designated as a country with a high level of risk in terms of preventing money laundering and financing of terrorism. This designation carries political, economic, and financial consequences. The new evaluation cycle places more emphasis on implementing FATF recommendations, risk assessment, and the impact of measures to prevent money laundering and terrorist financing.

Changes in FATF Methodology

Changes in the FATF methodology mean that if Bosnia and Herzegovina receives a negative evaluation finding, it will need to go beyond amending legal provisions to fulfill requirements. Bakir Haverić, Advisor at GIZ, stressed that an effective system for combating money laundering and terrorist financing is crucial for Bosnia and Herzegovina’s prospects for membership in the European Union.

Continued Support and Capacity Building

Through the Global Program on Combating Illicit Financial Flows, GIZ will continue to strengthen relevant capacities of Bosnia and Herzegovina partner institutions. Selma Zeković, Chief of Anti-terrorism at the OSCE Mission to BiH, highlighted the degree of commitment to improving the country’s frameworks for anti-money laundering and combating terrorist financing.

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