BiH removed from FATF grey list

BiH, (Patria) - Today, the FATF Plenary Session was held in Paris, where forty countries unanimously decided that Bosnia and Herzegovina should be "delisted", i.e., removed from the FATF "grey list". It was concluded that Bosnia and Herzegovina has eliminated deficiencies in the fight against money laundering and terrorist financing in accordance with FATF recommendations, which created conditions for Bosnia and Herzegovina to be removed from the "grey list" and placed under regular reporting regime.

The benefits for Bosnia and Herzegovina due to its removal from the FATF "grey list" are manifold. Due to the fact that Bosnia and Herzegovina was placed on the FATF "grey list", economic entities encountered difficulties in daily business operations with payment transactions between banks in Bosnia and Herzegovina and abroad. With the removal of Bosnia and Herzegovina from the FATF "grey list", the causes of problems faced by business entities from Bosnia and Herzegovina in their daily operations, as well as problems faced by citizens of Bosnia and Herzegovina when conducting financial transactions with foreign countries, will cease to exist.

With the implementation of the FATF Action Plan and the removal of Bosnia and Herzegovina from the FATF "grey list", Bosnia and Herzegovina's work is not finished, it was announced from the Council of Ministers of BiH, adding that they are committed to continuing the fight against terrorist financing and working to prevent all forms of money laundering.

"In this regard, the removal of Bosnia and Herzegovina from the FATF "grey list" is only the first step, and the Council of Ministers of BiH hereby calls on all competent authorities in Bosnia and Herzegovina to continue to act in accordance with international standards and recommendations so as not to be placed on any kind of grey list again.".

Upon its appointment in April 2015, the Council of Ministers of BiH was faced with the fact that BiH had been placed on the MONEYVAL "grey list", and then the FATF "grey list", reports the Patria agency.