SIPA

A ten-member team of the Council of Europe Moneyval Committee visited Bosnia and Herzegovina (B&H) in the period 17-30 November 2014 as part of the procedure for evaluating the compliance of regulations and practical procedures of B&H with international standards in combating money laundering and terrorist financing.

During the visit, the Moneyval Team held 59 meetings with 190 representatives from over 100 authorities from financial and non-financial sector at all levels in B&H and representatives of various international organisations. Out of that, five meetings were held with SIPA’s Criminal Investigation Department and Financial Intelligence Department. The aim of the meetings was the immediate evaluation of efficiency of the system for prevention and fight against money laundering and financing of terrorist activities.

SIPA members have undertaken numerous activities in recent five months to create required prerequisites for successful organisation of all meetings. They coordinated collection of data, statistical indicators, primary and secondary legislation, and planned and organised meetings and all other necessary activities.

Yesterday (03/12/2014) B&H Institutions Working Group for Prevention of Money Laundering and Financing Terrorist Activities headed by SIPA official Borislav Čvoro held a meeting in the premises of the State Investigation and Protection Agency to evaluate the visit. The meeting expressed satisfaction with the course of evaluation of compliance of B&H regulations and practical procedures with international standards in this field.

The Working Group adopted conclusions which called on the Council of Ministers B&H, all relevant ministries and agencies at all levels in B&H to intensify their activities on adoption of secondary legislation ad internal regulations which would brought B&H anti-money laundering system in line with the new B&H Law on Prevention of Money Laundering and Financing of Terrorist Activities and improve final ratings. It was also pointed to the need to intensify the establishment and commencement of work of supervisory authorities in accordance with the law.