Bosnia and Herzegovina: Stage 4 referral after “insufficient progress” on anti-money laundering law compliance

Insufficient progress in updating anti-money laundering laws has forced the Council of Europe to refer Bosnia and Herzegovina to the international Financial Action Task Force (FATF).

The decision to refer the country to the FATF’s International Cooperation Review Group (ICRG), which acts globally to improve compliance with international standards in countries with deficiencies, marks the latest stage in efforts to enhance Bosnia and Herzegovina’s measures against money laundering and the financing of terrorism.

The Council of Europe’s anti-money laundering committee (MONEYVAL) took the decision because national authorities have not complied with recommendations to remedy current failings, dating back to 2011.

MONEYVAL’s statement reads: “While progress has been made on amendments to the criminalisation of financing of terrorism, overall progress on the Criminal Code and the implementation of by-laws to the preventive law remained insufficient.”

In April 2011, MONEYVAL experts urged Bosnia and Herzegovina to develop a clear action plan in response to their 2009 evaluation report. But despite adopting the action plan in 2011, Bosnia and Herzegovina has yet to make sufficient progress.

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