Bosnia and Herzegovina’s Financial Intelligence Unit Leads the Region in Compliance Training
A Leading Role in Ensuring International Standards
SARAJEVO, Bosnia and Herzegovina - The Financial Intelligence Department (FID) of Bosnia and Herzegovina’s State Investigation and Protection Agency (SIPA) has taken a pioneering position in ensuring compliance with international standards on anti-money laundering and combating the financing of terrorism.
Key Objectives and Achievements
- Operational since 2004: The FID is the only financial intelligence unit in Bosnia and Herzegovina that operates in accordance with binding international standards.
- Member of the Egmont Group: The department has been a member of the Egmont Group of Financial Intelligence Units since 2005, promoting cooperation between financial intelligence units and other authorities to prevent money laundering and terrorist financing.
Providing Training and Oversight
The FID provides training for employees of financial and non-financial institutions, prosecutor’s offices, and law enforcement agencies. The department also oversees compliance with anti-money laundering regulations among all financial and non-financial institutions in Bosnia and Herzegovina.
Unique Position within SIPA
- Full police and investigative powers: The FID has a unique position within SIPA as it is a main organizational unit with full police and investigative powers, allowing the department to collect necessary information and documentation without needing a court or prosecutorial order.
- Issuing orders and collecting information: In 2020, the FID issued orders to suspend transactions for up to five working days and to monitor and report on financial operations of clients for up to six months. It also collected and provided information within international cooperation with other Egmont Group members.
Major Investigations and International Cooperation
The department plays a crucial role in major investigations into organized and economically motivated crime in Bosnia and Herzegovina, providing expert support to prosecutors by participating in investigation teams or guiding direct investigations of money laundering and terrorist financing activities. The FID also represents Bosnia and Herzegovina in international bodies such as the Council of Europe Moneyval Committee.
Conclusion
The Financial Intelligence Department’s efforts have earned it a reputation as a leader in compliance training for financial institutions in Bosnia and Herzegovina, guided by the principles of the Egmont Group which emphasizes cooperation between financial intelligence units and other authorities to prevent money laundering and terrorist financing.