PLACING BiH ON MONEYVAL'S GREY LIST MAY HAVE LIMITED EFFECTS ON BANKING SERVICES

BANJA LUKA, JUNE 19 /SRNA/ - Placing BiH on MONEYVAL’s grey list may have limited effects on the efficiency of banking services in international business operations, but the banking sector remains stable, secure, and under constant supervision, the Republika Srpska Banking Agency said.

They emphasize that the findings, assessments, and recommendations do not indicate any shortcomings that would call into question the stability of the banking system.

“Reasons for this classification relate to broader issues within the legal and institutional framework that cover areas beyond the banking system and require reforms and improvements in line with international standards,” a press release says.

The Agency stressed that the banking system, which was assessed by MONEYVAL as one of the most regulated in BiH, remains stable, secure, and under constant supervision.

“As an institution whose work is aligned with best practices and international standards, we emphasize that this classification is in no way related to the stability or quality of the banking system, regulation, or supervision under the jurisdiction of our Agency,” the press release says.

They say that placing BiH on the MONEYVAL grey list indicates the need for improvements in the areas of anti-money laundering and countering the financing of terrorist activities.

The Agency expressed the expectation that, through cooperation between competent institutions and all relevant stakeholders, with technical support from international partners, progress will be achieved that will result in an improved overall assessment and the avoidance of long-term consequences for international reputation and economic interests.

“The Agency remains committed to preserving the stability of the banking system and strengthening the fight against all forms of financial crime, ensuring a safe and favourable environment for both domestic and foreign investment,” the press release says.

BiH was today placed on the grey list of MONEYVAL, the Council of Europe Committee responsible for monitoring anti-money laundering and counter-terrorism financing systems, according to the website of the Financial Action Task Force /FATF/.