OSCE welcomes the adoption of the Law on Preventing Money Laundering and Terrorist Financing

SARAJEVO, 16 February 2024 - The OSCE Mission to Bosnia and Herzegovina welcomes the adoption of the Law on Preventing Money Laundering and Terrorist Financing, a piece of legislation vital for the ability of authorities and institutions in Bosnia and Herzegovina to more effectively fight organized crime, corruption and terrorism.

Over the course of the past several years, the Mission has been providing extensive support to the Council of Ministers working groups tasked with developing key policy and legal documents in the field of combatting money laundering and terrorist financing. A number of these key policies have since been adopted, including an updated National Risk Assessment on Money Laundering and Terrorist Financing and its Action Plan and the new Strategy for Preventing and Combating Terrorism, the Risk Assessment on Organized Crime, and the Strategy for Combating Organized Crime. These documents were developed with a commendable degree of professionalism and commitment by representatives from competent institutions from all levels of government - and with exemplary leadership from the BiH Ministry of Security.

The Working Group for the Law on Preventing Money Laundering and Terrorist Financing was effective and constructive in finding solutions that have now materialized in a Law which is largely aligned with Financial Action Task Force (FATF) recommendations. This positive outcome benefits the political and economic prospects of Bosnia and Herzegovina - for citizens and businesses alike.