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SARAJEVO, October 16 (FENA) - Bosnia and Herzegovina was released from the obligation to report on compliance with standards at the plenary session of the Council of Europe's Committee of Experts on the Evaluation of the Fight against Money Laundering and Terrorism Financing (MONEYVAL), the Deputy Minister of Justice of Bosnia and Herzegovina, Nezir Pivić, who is also the Head of the Delegation of Bosnia and Herzegovina for MONEYVAL, confirmed for FENA.
"The release of BiH from the obligation to report to MONEYVAL followed after BiH adopted bylaws in the field of combating money laundering and terrorism financing, which addressed the shortcomings oin connection to Special Recommendation III and further harmonized its legislation with international standards in this area," explained Pivić.
The Delegation of Bosnia and Herzegovina submitted and defended the 2015 Progress Report on the 4th Round of Assessment for Bosnia and Herzegovina.
The submitted report contained the progress made in the implementation of international and domestic restrictive measures related to terrorism, but also the progress that Bosnia and Herzegovina has made since 2015, in the field of implementation of measures to prevent money laundering and terrorism financing.
Taking into account the progress made by Bosnia and Herzegovina, the MONEYVAL Plenary Session approved the release of Bosnia and Herzegovina from the obligation to further report on compliance with international standards in this area.
"This is a great success of the Delegation of Bosnia and Herzegovina to MONEYVAL and Bosnia and Herzegovina, given that Bosnia and Herzegovina has not had such a status since it became a member of the MONEYVAL Committee in 2002," said Pivić.
Bosnia and Herzegovina will have that status until the fifth round of reporting, which is expected in 2023.
Deputy Minister Pivić explained in detail that by 2023, Bosnia and Herzegovina already has a set agenda, if it wants to maintain the hard-won status, and that at least implies the existence of a harmonized Law on Prevention of Money Laundering and Terrorism Financing with FATF standards and EU directives on prevention of money laundering and terrorism financing.
"Specifically, this means that until then, it will be necessary for this Law, as well as bylaws regarding money laundering and terrorism financing, to be implemented by the competent institutions and agencies in BiH in order to prove the effectiveness of these measures. In addition, BiH is expected to implement the Action Plan for the implementation of measures from the Risk Assessment to prevent money laundering and risk financing," said Pivić.
(FENA) S. R.
