Bosnia and Herzegovina has definitely been removed from the European list of high-risk countries in terms of money laundering and terrorist financing, reports Indikator.ba.
The European Commission announced that on May 7ththis year, it removed BiH from the list together with Ethiopia, Guyana, Laos, Sri Lanka and Tunisia, according to Avaz.ba news portal.
Although Bosnia and Herzegovina was removed from the black list of the Working Group for the Suppression of Money Laundering (FATF) in February 2018, and before that from the gray list of MONEYVAL in 2015, the European Union has kept BiH on the list of high-risk countries.
Due to that, the implementation of financial transactions was difficult, because banks operating in the European Union were obliged to carry out special procedures when it comes to money sent to BiH, or from BiH to the European Union. Export companies also suffered from collection difficulties.
After BiH reached the bottom a few years ago, in a circle of countries such as Iran, Iraq, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen, the authorities have recoiled and made a significant effort to meet the country’s international obligations.