UNODC and OSCE organize briefing for Bosnia and Herzegovina’s AML/CFT authorities and reporting entities on UNSCR 1267 & 1373 in preparation for asset freezing drill

 

9-10 May, Sarajevo, Bosnia and Herzegovina: In anticipation of an asset freezing drill to test how effectively Bosnia and Herzegovina’s (BiH) financial sector can freeze funds or other assets without delay, UNODC’s Global Programme against Money Laundering, Proceeds of Crime and the Financing of Terrorism (GPML), jointly with the OSCE Secretariat’s Transnational Threats Department, delivered a UNSCR 1267 & 1373 awareness raising workshop, from 9-10 May 2024 in Sarajevo. This event was co-organized in partnership with UNODC’s Regional Office for South-Eastern Europe, Ministry of Security BiH, and the OSCE Mission to BiH.

The workshop was attended by 35 participants 24 of which represented banks due to the important role thatthe private sector plays in sanctions implementation as reporting entities assist in identifying the misuse of the financial sector and impose the asset freeze on funds or other assets of designated persons and entities.

The workshop provided BiH AML/CFT authorities, as well as invited reporting entities, with an overview of UNSCR 1267 and 1373 and importantly, took participants through their recently adopted law which captures the mechanisms and processes giving effect to these resolutions. The sessions covered key topics such as identification and designation of persons and entities, communication, freezing and reporting, and supervision.

During the workshop, it was emphasized that these resolutions have been adopted by the UN Security Council to address terrorism financing and terrorism which remain threats to international peace and security. In addition to being international law, UNSCR 1267 & 1373 form part of the international AML/CFT standards which should be implemented as part of a technically compliant and effective AML/CFT regime. Importantly, the asset freeze can be used as an effective disruption tool against ISIL/AQ and terrorists in combination with other measures.

This event will be followed by an asset freezing drill which will aim to assess whether the invited financial institutions and reporting entities can freeze funds or other assets of designated persons and entities pursuant to UNSCR 1267 & 1373 without delay. This activity falls within UNODC GPML’s AML/CFT technical assistance programme and directly under its global sanctions project which includes a number of technical assistance initiatives which aim to help countries comply with their obligations under international law, comply with the international AML/CFT standards and to disrupt ISIL/AQ, terrorists, and terrorist networks.