The public and analysts continue to speculate about BiH on the “gray list” of the European Union. From the Banking Agency of the RS claimed that banks from our country are not under any sanctions of European banking institutions.
As they said, the FATF and Moneyval are two key organizations that monitor fight against money laundering and financing of terrorism in Europe and the world.
FATF (Working Group of the Financial Action Task Force) is an international body that is made up of the most developed countries of the world and it is responsible for monitoring and implementation of measures for prevention of money laundering and financing of terrorism at the national and international level.
With the publication of 40 recommendations, standards for fight against money laundering and terrorist financing have been established, and the FATF monitors progress in the implementation of measures and techniques applied in the fight against money laundering and terrorist financing. All countries are required to implement and harmonize local legislation with the above recommendations.
“The FATF put BiH on the gray list, or the list of countries that did not fully harmonize its legislation and mechanisms defined by the FATF recommendations” as stated from the Banking Agency of the RS.
As they say, Moneyval (the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) is a committee of the Council of Europe, whose task is to carry out individual and joint assessment of existing measures for combating money laundering and financing of terrorism with the countries that are not members of FATF. In its work, Moneyval relies on the experience and procedures of the FATF.
“BiH is not on the Moneyval gray list of countries from September 2015 and it has been placed in the group of countries with the regular procedure of reporting ever since,” as said from the Banking Agency of the RS.
They noted that the FATF gave certain recommendations in the past, such as the harmonization of the Criminal Code of BiH in the part which requires freezing of the assets of terrorist, implementation of appropriate measures to control the non-profit organizations, the establishment of appropriate controls of border traffic of foreign currencies, ensuring of proper procedures for seizing property and establishment of appropriate supervisory framework, which BiH implemented for the most part. They added that the other two recommendations will be implemented by the end of the year.
(Source: Er. M./Klix.ba)
