BiH initiates procedure to be removed from FATF grey list

The action plan for Bosnia and Herzegovina to eliminate deficiencies in the fight against money laundering, with the aim of harmonizing the system for preventing money laundering and terrorist financing, has been implemented in accordance with the recommendations of the Financial Action Task Force (FATF), it was stated at today's session of the Council of Ministers of BiH in Sarajevo.

The Council of Ministers of BiH calls on all competent institutions and other bodies to actively and continuously continue activities on the implementation of the adopted regulations from the FATF Action Plan.

The Ministry of Foreign Affairs of BiH will immediately commence diplomatic activities and promote the achieved results in the implementation of the Action Plan in order to carry out the procedure for the removal (delisting) of Bosnia and Herzegovina from the "FATF grey list".

According to the Information from the Ministry of Security, the Action Plan, adopted by the Council of Ministers of BiH, has been implemented over the past two years by 14 institutions and agencies at the state and entity levels, but a significantly larger number of executors participated in the implementation of activities in accordance with the constitutional order.

In order to align with FATF recommendations, competent institutions in Bosnia and Herzegovina have adopted 19 regulations in the areas of money laundering, insurance, securities, terrorist financing, implementation of relevant UN resolutions, regulation of the non-profit sector, and cross-border currency control.