BiH Definitely Off European AML “Gray List”

Bosnia and Herzegovina has definitely been taken off the European list of high-risk countries regarding money laundering and financing of terrorism, Indikator.ba reports.

On May 7, 2020, the European Commission announced that it had removed BiH from the list, along with Ethiopia, Guyana, Laos, Sri Lanka and Tunisia.

Although Bosnia and Herzegovina was taken off the black list of the Financial Action Task Force (FATF) in February 2018 and, before that, from the gray list of Moneyval in 2015, the European Union kept BiH on the list of high-risk countries until now.

This made financial transactions more difficult, as banks which operate in the European Union were obliged to comply with special procedures when it came to money directed at BiH, or from BiH to the European Union. Export companies also experienced difficulties related to collecting payments.

After BiH found itself on the bottom of the list several years ago, along with Iran, Iraq, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen, the authorities started making efforts to have the country meet its international obligations.

European list of high risk countries for money laundering

AML gray list

money laundering

FATF

Moneyval