March 12, 2014
TheSrpskaTimes

The European Union Delegation in B&H is disappointed by B&H’s failure to adopt the proposed Draft Law to combat money laundering and terrorism financing, EU Delegation Spokesman Andy McGuffie said after representatives of Republika Srpska for the second time blocked the law at the Joint Commission for Defence and Security.

McGuffie stated that the Draft Law has been harmonized with the leading international instruments in this field. According to him, the failure to pass this law means that B&H has missed the opportunity to improve its system of anti-money laundering and to fulfill its international obligations undertaken by MONEYVAL.

The failure to adopt the system against money laundering with international standards can result in strong financial pressure, said McGuffie adding that banks and other financial institutions in B&H could face difficulties when sending money around the world.

He explained that, for example, remittances from abroad would be delayed and due to possible delays, potential investors could seek another locations for investment.

It is difficult to recover from such loss of reputation, added McGuffies.