Delegates of the House of Peoples of the Parliamentary Assembly of Bosnia and Herzegovina today unanimously adopted the Law on Prevention of Money Laundering and Financing of Terrorist Activities in an emergency session. The law is harmonized with the corresponding directives and regulations of the European Union in that area.
By adopting that law with the label ‘EI’, Bosnia and Herzegovina wants to improve capacities for a more effective fight against money laundering and terrorist financing for the benefit of the business community and citizens of BiH.
The draft law on prevention of money laundering and financing of terrorist activities is one of the 14 key priorities from the opinion of the European Commission, and with its adoption, the BiH Council of Ministers, pending a date for the opening of negotiations, sends a strong message to the European Council, which is discussing the EU enlargement policy.
The new law harmonizes the system of prevention of money laundering and terrorist financing in Bosnia and Herzegovina with FATF and Moneyval standards from the last round of evaluation.
A delegation of the Committee of Experts for the Evaluation of Measures Against Money Laundering and Financing of Terrorism (MONEYVAL) is visiting BiH to assess whether the country has achieved a satisfactory level of standards in the field of preventing money laundering and financing of terrorism. The adoption of the law depends on what the report will be, in case of a negative report, BiH threatens to be placed on the gray list of the Financial Action Task Force (FATF).
