Financial Crime World

Boosting Trust in Rule of Law: Best Practices for Anti-Money Laundering in Bosnia and Herzegovina

Introduction

A new initiative, “Action against Corruption, Money Laundering, and Terrorist Financing in Bosnia and Herzegovina,” aims to strengthen trust in the country’s rule of law and democracy by preventing and controlling economic crimes. Launched as part of the European Union (EU) and Council of Europe’s joint program, “Horizontal Facility for the Western Balkans and Türkiye,” this action runs from 2023 to 2026.

Key Objectives

The project seeks to:

  • Prevent and Fight Economic Crimes: Support authorities in preventing and fighting economic crimes
  • Strengthen Legal and Institutional Framework: Strengthen the legal and institutional framework for anti-money laundering and countering the financing of terrorism
  • Improve Preventive Measures: Improve implementation of preventive measures, including conflict of interest, asset declaration, supervision, and sanctioning
  • Enforce Provisional Measures: Enforce provisional measures and confiscate illicit assets

Beneficiaries

This action will benefit institutions at both state and entity levels, including:

  • 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

Implementation and Achievements

The project will work to achieve its objectives through a series of activities, including:

  • Capacity building
  • Training
  • Technical assistance

Budget and Funding

The total budget for this action is €230,000. The overall Horizontal Facility program has a budget of approximately €41 million, with 85% funded by the EU and 15% by the Council of Europe.

Getting More Information

For more information about this project, please contact:

About the Horizontal Facility for the Western Balkans and Türkiye

The “Horizontal Facility for the Western Balkans and Türkiye” is a joint initiative between the EU and the Council of Europe aimed at supporting reform efforts in human rights, rule of law, and democracy in the region. This project aligns with the EU’s enlargement priorities.