Draft Law on Prevention of Money Laundering and Terrorist Financing to be before MPs on December 21

(Patria) - The Draft Law on Prevention of Money Laundering and Terrorist Financing, adopted by the Council of Ministers of BiH at an extraordinary session on Thursday, could be on the agenda of the next session of the House of Representatives of the Parliamentary Assembly of BiH.

That session is scheduled for December 21, and before the session itself, a session of the Collegium of the House of Representatives of the Parliamentary Assembly of BiH will be held, which could also include the proposal of the Council of Ministers of BiH to consider this law at the session.

The Council of Ministers of BiH requests that the law be considered under an expedited procedure. This is one of the laws from the set of so-called "European laws" that is harmonized with EU directives.

By adopting this law marked 'EI', Bosnia and Herzegovina wants to improve its capacity for more effective fight against money laundering and terrorist financing for the benefit of the business community and citizens of BiH.

The new law harmonizes the system of prevention of money laundering and terrorist financing in BiH with FATF and Moneyval standards from the last evaluation round.

The adoption of this law followed a meeting between political leaders and European Commissioner Oliver Varhelyi in Brussels on December 5. Although the leaders of the parties forming the state government have not held a joint meeting since mid-October, an agreement on this law has clearly been reached. On the same day after the Ministry of Security of BiH sent it to the Council of Ministers of BiH, it was adopted.

Regardless of the initiation of activities regarding the agreement with Frontex and the adoption of this law, BiH has not received the green light to start negotiations with the EU. The next chance is in March, by which time the remaining laws from the 14 priorities, or at least a larger part of them, should be adopted.