BIH Taken Off the Grey List

The FATF plenary session, held in Paris, decided unanimously by forty countries to delist Bosnia and Herzegovina, i.e. to take it off the FATF grey list. It was concluded that Bosnia and Herzegovina removed its deficiencies in fight against money laundering and financing of terrorism, in compliance with FATF recommendations, which created conditions for Bosnia and Herzegovina to be off the “grey list” and to be included into the regular reporting system. 

It should be emphasised, in regard to this latest development, that advantages for Bosnia and Herzegovina from the taking off the FATF grey list are multifold. Due to the fact that Bosnia and Herzegovina was put on the FATF grey list, economic entities in their daily operations encountered difficult BIH banks payment operations with the abroad. Taking Bosnia and Herzegovina off the grey list ceases causes of problems faced by economic entities form Bosnia and Herzegovina in everyday business and by citizens of Bosnia and Herzegovina exercising business transactions with abroad.

Finally, the realisation of FATF Action Plan and taking Bosnia and Hercegovina off the grey list, is not the end of effort for Bosnia and Herzegovina, as it is committed to continue fighting against financing of terrorism and work on prevention of all kinds of money laundering. In that sense, taking Bosnia and Herzegovina off the FATF grey list is just the first step, and this way, the Council of Ministers of Bosnia and Herzegovina calls upon all authorities in Bosnia and Herzegovina to continue acting in accordance with international standards and recommendations, so as to avoid BIH finds itself on any kind of “grey list”.

The incumbent Council of Ministers of BNIH, on assuming its office in April 2015, was faced with the fact that BIH was put on the grey list, first MONEYVAL’s and then FATF’s one. By diligent work and high quality cooperation with other authority levels, the Council of Ministers of BIH succeeded fully to realise all planned measures in fight against money laundering and financing of terrorism to satisfaction of both economic entities and citizens of BIH,  and reach the final aim – taking off the MONEYVAL and FATF grey list.

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