Council of Ministers Adopts Draft Law on Prevention of Money Laundering

(Patria) - The Council of Ministers adopted at an extraordinary telephone session and will forward to the Parliamentary Assembly of BiH for consideration under an expedited procedure the Draft Law on the Prevention of Money Laundering and Financing of Terrorist Activities, which is aligned with the relevant EU directives and regulations in this area.

By adopting this law marked "EI", BiH aims to improve its capacities for more effective fight against money laundering and financing of terrorism for the benefit of the business community and citizens of BiH.

The Draft Law on the Prevention of Money Laundering and Financing of Terrorist Activities, adopted by the Council of Ministers of BiH at today's telephone session, is one of the 14 key priorities from the European Commission's Opinion, and by its adoption, the Council of Ministers of BiH sends a strong message to the European Council, which is discussing EU enlargement policy, in anticipation of obtaining a date for opening negotiations.

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

The current composition of the Council of Ministers of BiH also adopted in February this year the Rulebook on Amendments to the Rulebook on the Implementation of the Law on the Prevention of Money Laundering and Financing of Terrorist Activities.