Financial Crime World

Regulatory Bodies for Financial Crime Prevention in Bosnia and Herzegovina Receive Boost from EU and Council of Europe

Introduction

The “Action against corruption, money laundering and terrorist financing in Bosnia and Herzegovina” aims to strengthen trust in the rule of law and democracy in Bosnia and Herzegovina by preventing and controlling economic crimes according to European and international standards.

Funding and Duration

This initiative is funded through the joint programme of the European Union and the Council of Europe’s “Horizontal Facility for the Western Balkans and Türkiye”. The action will run from 2023 until 2026, a period of four years that will see significant progress in fighting corruption, money laundering and terrorist financing.

Key Objectives

The primary objectives of this initiative include:

  • Supporting authorities in fighting corruption, money laundering and terrorist financing
  • Strengthening the legal framework for preventing these crimes
  • Improving implementation of institutional frameworks
  • Enforcing provisional measures against illicit assets

Key Institutions and Beneficiaries

Key institutions at state and entity levels set to benefit from the action include:

  • Ministry of Security
  • Ministry of Justice
  • Financial Intelligence Unit
  • Banking sector supervisors
  • Indirect Taxation Authority
  • Ministry of Interior
  • Prosecutor’s Office

The people of Bosnia and Herzegovina will also benefit from this initiative.

Expected Outcomes

This action aims to achieve several outcomes, including:

  • Strengthening the capacity of authorities to prevent corruption and money laundering
  • Improving the track-record of implementation of institutional frameworks
  • Enhancing preventive measures against conflict of interest and asset declaration
  • Enforcing provisional measures against illicit assets

Budget and Funding

The total budget for the action is 230,000 Euros. The overall Horizontal Facility programme has a budget of approximately 41 million EUR, with 85% funded by the European Union and 15% by the Council of Europe.

Further Information

Those interested in learning more about this initiative can contact the Council of Europe’s Economic Crime and Co-operation Division or visit the Horizontal Facility website for further information.