Financial Services Regulation |  Nov 12, 2014

Moneyval issues revised Public Statement on Bosnia and Herzegovina in September 2014

In the wake of its public statement of June 2014 condemning Bosnia and Herzegovina’s continued lack of progress in the realm of anti-money laundering legislation, the Council of Europe’s anti-money laundering body (MONEYVAL) has recently issued a revised public statement urging financial institutions worldwide to continue to apply enhanced due diligence measures to mitigate the risk inherent to transactions with individuals or financial institutions from or in Bosnia and Herzegovina, notwithstanding the progress made by this jurisdiction in 2014, with the coming into force of an anti-money laundering law within days of MONEYVAL’s first public statement.

The reasons for MONEYVAL’s concerns stem from Bosnia and Herzegovina’s refusal to amend its Criminal Code as requested by MONEYVAL, and this in view of lack of support from Serbian MPs, who continue to object to the proposed amendments.

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