Numerous Benefits for our Country and Citizens: BiH removed from the Grey List of FATF

February 24, 2018 5:00 PM

Yesterday was held a plenary session of the Financial Action Task Force on Money Laundering (FATF) in Paris, and 40 states unanimously decided that BiH should be removed from the “grey list”. They concluded that BiH eliminated all the flaws in the fight against money laundering and financing terrorism in accordance with recommendations of FATF, which is the reason why the conditions were created for our country to be removed from the FATF’s grey list and return it in a regular regime of reporting.

BiH will experience numerous benefits because of the withdrawal from the grey list, as noted from the Council of Ministers of BiH. Business entities from our country were facing with difficult payment transactions between banks in BiH and abroad in their everyday business due to the fact that BiH was placed on the aforementioned “grey list”.

The removal of BiH from the grey list of FATF will stop all the problems that business entities from BiH encountered in their everyday business operations, as well as problems of citizens of BiH during their financial transactions with foreign countries.

“At the same time, we have demonstrated the full credibility of BiH in the fight against terrorism and money laundering and this is a really positive news for everyone, considering that FATF is consisted of more than 40 countries from all over the world and all of them supported the Action Plan of BiH and they thanked and praised BiH on a successfully realized action plan. This is a long-awaited and very good news for citizens and business subjects in BiH,” stated the Chairman of the Council of Ministers of BiH, Denis Zvizdic.

“At the end, we should emphasize that our job is not completed with the realization of the FATF Action Plan and the removal of BiH from FATF’s “grey list”, but we are committed to continue fighting against financing terrorism and money laundering. Therefore, the removal of BiH from the “grey list” is just a first step and the Council of Ministers of BiH wants to urge all competent authorities in BiH to continue working in accordance with international standards and recommendations, with the aim not to be in this situation, or any kind of grey list, ever again.

(Source: ST)



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