SECURITY

Intensifying the fight against money laundering and financing terrorism in Bosnia and Herzegovina

In February 2018, in Paris the FATF plenary session has been held, where it was decided unanimously by forty countries to delist Bosnia and Herzegovina, i.e. to take it off the FATF greylist. It was concluded that Bosnia and Herzegovina removed its deficiencies in fight against money laundering and financing of terrorism, in compliance with FATF recommendations, which created conditions for Bosnia and Herzegovina to be off the “grey list” and to be included into the regular reporting system. In that sense, taking Bosnia and Herzegovina off the FATF grey list is just the first step, the job is not finished, but rather marks the beginning of quality work, the importance of multisectoral cooperation – governmental institutions, as well as non-governmental organizations – to continuously contribute to the fight against the financing of terrorism and the prevention of all forms of money laundering.

As a continuation of the mentioned activities, the Council of Ministers of BIH adopted, upon a proposal by the Ministry of Security, a Money Laundry and Financing Terrorism Risk Evaluation in Bosnia and Herzegovina 2018-2020 and an Action Plan for removal of identified insufficiencies in the AML/FT system.

The adoption of these important AML documents realizes the first recommendation of the Financial Action Task Force (FATF). This way conditions are to be created for a more effective engagement of available financial, technical and human resources in combating financial crime.

The BIH Money Laundry and Financing Terrorism Risk Evaluation in Bosnia and Herzegovina by 2022 and an Action Plan for removal of identified insufficiencies in the AML/FT system was drafted by an earlier formed work group together with its sub-groups.

The Action Plan contains several precisely defined measures to be implemented by competent institutions by the end of 2019, aiming to strengthen the capacities of AML/FT responsible services.