Financial Crime World

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Financial Crime Prevention Methods Shine in Bosnia and Herzegovina

A Shining Example of Effective Prevention

Sarajevo, Bosnia and Herzegovina - In a region where financial crime has long been a concern, Bosnia and Herzegovina stands out for its robust methods of preventing money laundering and financing of terrorist activities. At the heart of these efforts is the Financial Intelligence Department (FID), a specialized unit that operates in accordance with international standards.

Establishment and Structure

The FID was established on December 28, 2004, and has been a member of the Egmont Group of Financial Intelligence Units since June 29, 2005. It operates as a main organizational unit of the State Investigation and Protection Agency (SIPA), with all police and investigative powers.

Key Powers and Responsibilities

According to the Law on Prevention of Money Laundering and Financing of Terrorist Activities, the FID has several key powers that enable it to combat financial crime. These include:

  • Collecting necessary information and documentation: The FID can collect information and documentation from financial and non-financial institutions.
  • Issuing orders to suspend transactions: The FID can issue orders to suspend transactions for up to five working days.
  • Ordering financial institutions to monitor and report on client financial operations: The FID can order financial institutions to monitor and report on client financial operations.

Investigative Work

The FID plays a crucial role in major investigations into organized and economically motivated crime in Bosnia and Herzegovina. It provides available and/or collected information, carries out complex financial analyses, and offers expert support to prosecutors.

Training and Supervision

In addition to its investigative work, the FID is also involved in training employees of financial and non-financial institutions, prosecutor’s offices, and law enforcement agencies on anti-money laundering and counter-terrorist financing measures. It oversees all financial and non-financial institutions subject to the Law on Prevention of Money Laundering and Financing of Terrorist Activities and actively cooperates with banking agencies and other supervisory authorities.

International Cooperation

The FID is chaired by the Working Group of Bosnia and Herzegovina Institutions for Preventing Money Laundering and Financing Terrorist Activities, which plays a leading role in drafting laws, secondary legislation, and strategic documents in this area. The department also represents Bosnia and Herzegovina in international bodies such as the Council of Europe’s Moneyval Committee.

Conclusion

Overall, the Financial Intelligence Department stands out as a shining example of effective financial crime prevention methods in Bosnia and Herzegovina. Its unique structure, broad authorities, and collaborative approach make it an invaluable asset in combating money laundering and terrorist financing.