Information adopted regarding the Draft Law on Prevention of Money Laundering

(Patria) - The Government of the Federation of BiH today adopted the information from the Federal Ministry of Finance regarding the request from the BiH Ministry of Security for an opinion on the Draft Law on Prevention of Money Laundering and Terrorist Financing.

As explained, the Working Group appointed by the Council of Ministers of BiH is in the final stage of drafting this draft law, which will be subject to MONEYVAL evaluation, and the BiH Ministry of Security requested an opinion in order to specify the competent authorities at the entity level that will be responsible for supervising the entities subject to this law.

By conclusion, the Federal Government appointed the Federal Administration for Inspection Affairs as the competent authority for supervising the prevention of money laundering and terrorist financing for entities subject to the Law on Prevention of Money Laundering and Terrorist Financing.

Furthermore, the Federal Administration is obliged to make the necessary corrections to the Rulebook on Internal Organization, in terms of establishing job positions for federal inspectors who will carry out these supervisions.

The Federal Ministry of Finance is tasked with providing the Federal Administration with all necessary financial resources for the timely realization of the necessary administrative, personnel, and technical prerequisites for the effective conduct of this supervision.

By another conclusion, the Government accepted the statements from the FBiH Securities Commission, the FBiH Insurance Supervision Agency, the Federal Ministry of Justice, the Federal Administration for Inspection Affairs, and the FBiH Banking Agency, based on which a consolidated tabular overview of supervisory authorities for entities subject to the Draft Law on Prevention of Money Laundering and Terrorist Financing was compiled.

These statements and the consolidated tabular overview, as an integral part of this conclusion, will be submitted to the BiH Ministry of Security.

Both conclusions of the Government of FBiH adopted today enter into force on the day of their adoption.