The delegates of the House of Peoples of the Parliament of Bosnia and Herzegovina, after several failed attempts, held an express emergency session today.
With 14 votes in favor, the Proposal of the Law on Limiting the Disposal of Assets with the Purpose of Preventing Terrorism, Financing Terrorism and Financing the Spread of Weapons of Mass Destruction was adopted under an emergency procedure, proposed by the Council of Ministers of Bosnia and Herzegovina.
Let us remind you that in mid-March, the Council of Ministers of Bosnia and Herzegovina unanimously adopted and sent the proposal of that law to the Parliamentary Assembly of Bosnia and Herzegovina for consideration under the urgent legislative procedure. The goal is to establish a reliable, timely and complete mechanism for the implementation of sanction measures.
The proposed law, which was prepared by the Ministry of Security in cooperation with the relevant institutions, removes a key systemic deficiency from the report of the Committee of Experts for the Evaluation of Measures Against Money Laundering and Financing of Terrorism (MONEYVAL), which in December 2024 assessed that BiH does not have a functional and complete system for the implementation of international financial sanctions.
The provisions of that law ensure the urgent, immediate and effective implementation of the decisions of the UN Security Council and its sanctions committees, as well as the decisions of the institutions in BiH and other measures, as well as full compliance with the appropriate FATF recommendations, whereby our country fulfills its international obligations and preserves its financial system – it was stated earlier by the Council of Ministers of BiH.
By systematically regulating the prohibition of temporary disposal of property in order to prevent, that is, the financing of terrorism and the spread of weapons of mass destruction, while respecting the principles of legality and legal certainty, as well as clearly defining the procedures and specifying the competent authorities, supervisory bodies and obligees who implement the measures from that law, a broader legal basis is created for the prevention of money laundering and the financing of terrorism in BiH.
The proposed law is extremely important for preserving the international reputation of BiH and avoiding entry into FATF’s ICRG process (International Co-operation Review Group), according to the Council of Ministers of BiH, reports N1 BiH.
