Financial Intelligence Department Leads Fight Against Money Laundering in Bosnia and Herzegovina
The Financial Intelligence Department (FID) is a crucial entity in Bosnia and Herzegovina that operates in line with international standards to prevent money laundering and the financing of terrorist activities. As the only financial intelligence unit in the country, FID plays a vital role in combating organized and economically motivated crime.
Establishment and International Cooperation
Established in 2004, FID has been a member of the Egmont Group of Financial Intelligence Units since 2005. This membership enables FID to cooperate with 146 financial intelligence units worldwide and adhere to the principles of the Egmont Group.
Key Functions and Powers
FID’s primary tasks include:
- Receiving, collecting, recording, and analyzing data, information, and documents related to money laundering and terrorist financing
- Investigating these cases and submitting findings to prosecutor’s offices and relevant authorities in Bosnia and Herzegovina and abroad
- Promoting cooperation between relevant authorities in Bosnia and Herzegovina, the Federation of Bosnia and Herzegovina, Republika Srpska, and Brcko District B&H, as well as with international organizations
FID has the authority to:
- Collect necessary information and documentation from financial and non-financial institutions
- Suspend transactions for up to five working days
- Order financial institutions to monitor and report on client operations for up to six months
Major Investigations and Training
The Financial Intelligence Department plays a crucial role in major investigations into organized and economically motivated crime in Bosnia and Herzegovina. FID provides information, conducts complex financial analyses, and supports prosecutors in investigation teams.
In addition, FID trains employees of financial and non-financial institutions, prosecutor’s offices, and law enforcement agencies on preventing money laundering and terrorist financing.
International Cooperation and Representation
As the responsible authority for overseeing financial and non-financial institutions subject to the Law on Prevention of Money Laundering and Financing of Terrorist Activities, FID actively cooperates with banking agencies and supervisory authorities. Officials from FID chair the Working Group of BiH Institutions for Preventing Money Laundering and Financing Terrorist Activities.
FID represents Bosnia and Herzegovina in the Council of Europe Moneyval Committee and similar international bodies, working to ensure compliance with binding standards on preventing money laundering and financing of terrorist activities.