Bosnia and Herzegovina Takes Steps to Enhance Financial Inclusion, Reduce Crime

Improving Access to Financial Services

Bosnia and Herzegovina is making significant strides in improving financial inclusion and preventing crime. According to a recent report by the International Monetary Fund (IMF), the country has implemented various initiatives aimed at increasing access to financial services for its citizens.

• Establishment of a National Payment System: Bosnia and Herzegovina has established a national payment system, which enables citizens to conduct financial transactions electronically.
• Increased Access to Microfinance Services: The government has launched programs aimed at increasing access to microfinance services for small businesses and entrepreneurs.

Combating Money Laundering and Terrorism Financing

Bosnia and Herzegovina has implemented measures to combat money laundering and terrorism financing. These initiatives include:

• Establishment of a Financial Intelligence Unit: The country has established a financial intelligence unit, which is responsible for identifying and disrupting illicit financial activities.
• Strengthened AML/CFT Regulations: Bosnia and Herzegovina has implemented a new anti-money laundering (AML)/combating the financing of terrorism (CFT) law, which requires financial institutions to implement robust customer due diligence procedures and report suspicious transactions to the relevant authorities.

Preventing Corruption and Money Laundering in the Real Estate Sector

The country has increased its efforts to prevent corruption and money laundering in the real estate sector. These initiatives include:

• Establishment of a Registry of Property Owners: The government has established a registry of property owners, which helps ensure that property purchases are transparent and legitimate.
• Measures to Ensure Transparency and Legitimacy: Bosnia and Herzegovina has introduced measures to ensure that property transactions are transparent and legitimate.

Conclusion

Bosnia and Herzegovina’s efforts to enhance financial inclusion and reduce crime are yielding positive results. The establishment of a national payment system, increased access to microfinance services, and strengthened AML/CFT regulations are all contributing to a more stable and secure financial environment.