Bosnia and Herzegovina Takes a New Approach to Preventing Financial Crime
A Fresh Initiative Against Organized Crime
The government of Bosnia and Herzegovina has launched a significant initiative aimed at combating organized crime, recognizing it as one of the most pressing threats to stability and prosperity in the country. As part of its European Union accession process, Bosnia and Herzegovina is prioritizing the fight against financial crime, with a new strategic framework designed to tackle this complex issue.
Understanding Organized Crime
According to experts, organized crime manifests itself through various types of illicit activities:
- Drug Trafficking: The smuggling and distribution of narcotics.
- Arms Trade: The illegal trade in weapons and ammunition.
- Economic Crimes: Illicit activities such as fraud, money laundering, and counterfeiting.
- Cybercrime: Crimes committed through the use of digital technologies, including hacking and identity theft.
- Corruption: The abuse of power or position for personal gain.
Enablers of Organized Crime
The phenomenon has been enabled by structural factors such as:
- Reinvestment of Proceeds from Crime: This distorts legitimate market competition and undermines the country’s economy.
- Lack of Coordination: Inadequate cooperation between law enforcement agencies and institutions.
A Whole-of-Society Approach to Combating Financial Crime
The new approach seeks to address the drivers and enablers of organized crime at all levels, with a whole-of-society approach and integrated goals, measures, and activities. This includes:
- Awareness-Raising: Educating citizens about the risks and consequences of financial crime.
- Institutional Strengthening: Improving the capabilities of law enforcement agencies and institutions.
- Civil Society Involvement: Engaging civil society organizations in preventing financial crime.
- Private Sector Participation: Encouraging the private sector to report suspicious activities and support anti-money laundering efforts.
International Cooperation
Bosnia and Herzegovina’s efforts to combat organized crime are in line with international standards and best practices, including those set by the European Union and INTERPOL. The country is committed to:
- Strengthening Law Enforcement Capabilities: Improving the skills and resources of law enforcement agencies.
- Improving Cooperation with Other Countries: Enhancing international cooperation to combat organized crime.
- Protecting Victims and Witnesses: Safeguarding those affected by financial crime.