Council of Ministers: Implement FATF Recommendations Within Set Deadlines

The Council of Ministers of Bosnia and Herzegovina adopted the Information from the Ministry of Security on the implementation of obligations contained in the Action Plan of Bosnia and Herzegovina for eliminating deficiencies in the fight against money laundering with the aim of harmonizing the system for preventing money laundering and terrorist financing with the standards and recommendations of the Financial Action Task Force (FATF).

At the session, it was noted that a large number of obligations have been completed and that activities have been intensified by competent institutions at the state and entity level, as well as in the Brčko District of Bosnia and Herzegovina, to complete the remaining obligations so that Bosnia and Herzegovina can implement the Action Plan in accordance with the set deadlines by January 2017.

- Bosnia and Herzegovina's progress in this area was also recognized by Moneyval, when at the plenary session in Strasbourg on December 7 this year, it was decided that Bosnia and Herzegovina be removed from the list of Moneyval countries that have deficiencies in the legal framework related to terrorist financing – said the Council of Ministers.

The Council of Ministers of Bosnia and Herzegovina called on institutions that have not yet carried out certain activities to fulfill their obligations from the Action Plan of Bosnia and Herzegovina for eliminating deficiencies in the fight against money laundering as soon as possible, with the aim of harmonizing the system for preventing money laundering and terrorist financing with FATF standards and recommendations.

The remaining obligations relate to amendments to the criminal law and the adoption of regulations on investment companies and securities, as well as the establishment of a web application that will provide information from the Register of Associations and Foundations in Bosnia and Herzegovina. The Ministry of Security will submit this report to the governments of the entities and the Brčko District of Bosnia and Herzegovina.