Financial Services & Fintech |  Jun 05, 2014

MONEYVAL’s public statement calling for enhanced due diligence measures for transactions involving Bosnia and Herzegovina

On 1st June 2014, the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) issued a public statement about the persistence of deficiencies in the anti-money laundering and counter financing of terrorism (AML/CFT) regime in Bosnia and Herzegovina.

MONEYVAL had first pointed out the existence of AML/CFT deficiencies in Bosnia and Herzegovina in April 2011, asking its Government to adopt a clear action plan tackling the identified issues, which was done in October 2011. However, in December 2013 MONEYVAL observed that the majority of the objectives of such action had not yet been attained and that some amendments to the Anti-Money Laundering and Counter Financing of Terrorism Law and to the Criminal Code Law were still necessary. MONEYVAL urged Bosnia and Herzegovina to immediately and meaningfully address its deficiencies, and in the meantime, all States and territories under MONEYVAL’s evaluation should advise their financial institutions to apply enhanced due diligence measures when dealing with transactions with persons and financial institutions from or in this country.

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