Cormack on MONEYVAL: There will be new requirements and oversight of transactions

The Committee of Experts of the Council of Europe for the Evaluation of Anti-Money Laundering and Counter-Terrorist Financing (MONEYVAL) decided yesterday, at its session in Strasbourg, to report Bosnia and Herzegovina to the Financial Action Task Force (FATF) for failing to make sufficient progress in aligning laws on combating money laundering and terrorist financing.

As Samir Omerhodžić, a member of the BiH delegation in MONEYVAL, told Patria yesterday, more concrete details could be known today, and U.S. Ambassador to BiH Maureen Cormack told the Patria agency that there will be additional requirements.

- One of the implications will be an impact on all financial transactions in and out of BiH. There will be additional requirements and oversight of these transactions, including financial remittances from abroad, which last year amounted to 2.2 billion marks - Cormack said.

She added that she hopes that when politicians consider whether to adopt the amendments to the law, they will keep in mind that the implications will affect not only the functioning of companies, businesses and authorities, but also the lives of all citizens of this country.