Željko Šain, the Dean of the School of Business and Economics in Sarajevo, said that to Bosnia and Herzegovina it is very important, almost vital, to fulfill the requirements of MONEYVAL, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism.
“The entire process, related to MONEYVAL, is only one indicator of how BiH is being treated in a political, legal and state sense. It is obvious that you do not meet many of the criteria of the European Union and therefore seek to arrange a system,” Šain added.
The requirements should be met not only because of the rating, but also for a cheaper capital which would not be happening in the event of further sanctions, he says.
MONEYVAL proposed tightening measures to Bosnia and Herzegovina because the competent institutions have not adopted a package of measures which includes changes to the Criminal Code of Bosnia and Herzegovina and secondary legislation necessary to implement the Law on Prevention of Money Laundering and Financing Terrorism.
“These acts should be adopted in accordance with the requirements of the European Union,” said Šain.
(Source: Fena)
