Bosnia and Herzegovina - February 2024

On 16 February, Parliament adopted reforms aimed at preventing organized crime, corruption and terrorism. The law introduces additional reporting and identification requirements for cash transactions exceeding EUR 15,000 (for financial institutions, businesses and regular citizens engaged in certain financial activities). Additionally, the law requires enhanced checks for clients deemed at a risk of money laundering, financing terrorism, or spreading weapons of mass destruction according to specific conditions (such as geographic area, service, or transaction method). The law further broadens the kinds of institutions subject to anti-laundering regulations, and covers cryptocurrency service providers for the first time. It also promotes international cooperation as well as collaboration and information exchange between domestic authorities, including the establishment of a coordination body to oversee implementation of the law and fulfilment of international obligations. The law is a key step towards harmonization with EU regulations and towards opening accession negotiations with the EU, for which a decision from the European Commission is expected in March.

Sources: European External Action Service, OSCE, Al Jazeera, VOA, Radio Slobodna Evropa, OHCHR, European Western Balkans, Official Gazette of Bosnia and Herzegovina