Financial Crime World

BOSNIA AND HERZEGOVINA TAKES STEPS TO PREVENT FINANCIAL CRIME

Strengthening Financial Systems for EU Membership

Sarajevo, Bosnia and Herzegovina - In a bid to strengthen its financial systems and improve its chances of joining the European Union, Bosnia and Herzegovina is taking steps to prevent money laundering and the financing of terrorism.

A Critical Time for Bosnia and Herzegovina

A two-day conference on the subject was held in Sarajevo this week, with over 80 participants from more than 40 institutions in attendance. The event was co-organized by the OSCE Mission to Bosnia and Herzegovina, the Ministry of Security of Bosnia and Herzegovina, and the German Agency for International Cooperation (GIZ).

Challenges Ahead

The conference comes at a critical time for Bosnia and Herzegovina, which is currently undergoing an evaluation by the Moneyval Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism. The country has been designated as high-risk in terms of preventing money laundering and terrorist financing, a label that carries significant political, economic, and financial consequences.

Implementing FATF Recommendations

According to Edin Jahić, Head of the Ministry of Security’s Department for Fight against Organized Crime and Corruption:

  • Changes in the FATF methodology mean that, if we receive a negative evaluation finding, we will need to do more than just amend our legal provisions.
  • The new evaluation cycle places greater emphasis on the implementation of FATF recommendations, risk assessment, and the impact of measures to prevent money laundering and terrorist financing.

Strengthening Capacity

Bakir Haverić, Advisor at GIZ, emphasized the importance of an effective system for combating money laundering and terrorist financing in Bosnia and Herzegovina’s bid for EU membership:

  • Through the Global Program on Combating Illicit Financial Flows, we will continue to strengthen the capacities of our partner institutions.

OSCE Mission Support

The OSCE Mission to BiH is also committed to supporting efforts to increase capacity for detecting and combating money laundering and terrorist financing, as well as improving compliance with international commitments and standards. According to Selma Zeković, Chief of Anti-terrorism at the OSCE Mission to BiH:

  • The participation of a wide range of government and private sector actors from across Bosnia and Herzegovina in this conference demonstrates the degree of commitment to improving our frameworks for anti-money laundering and combating terrorist financing.