Financial Crime World

Bosnia and Herzegovina Takes Steps to Enhance Regulatory Bodies for Financial Crime Prevention

Sarajevo, Bosnia and Herzegovina - The European Union/Council of Europe Joint Programme “Horizontal Facility for the Western Balkans and Türkiye” has launched a new phase to support Bosnia and Herzegovina in strengthening its institutions and capacities to prevent and combat economic crime.

New Phase Aims to Enhance Measures and Capacities

The third phase of the Horizontal Facility, which began on January 1, 2023, and will last until December 31, 2026, aims to:

  • Enhance corruption prevention measures: Improve the capacity of institutions in Bosnia and Herzegovina to prevent corruption and ensure that those responsible are held accountable.
  • Improve AML/CFT supervision and enforcement: Strengthen the ability of regulatory bodies to supervise and enforce anti-money laundering and countering the financing of terrorism (AML/CFT) measures.
  • Increase effectiveness of asset recovery procedures: Improve the capacity to effectively apply seizures and confiscations of illegal assets.

Support for Regulatory Bodies

The programme will focus on strengthening the capacity of institutions in Bosnia and Herzegovina to prevent and combat economic crime. This includes:

Technical Assistance

Technical assistance will be provided to help Bosnia and Herzegovina achieve its goals, including:

  • Training: Experts will provide training to regulatory bodies and other stakeholders to improve their knowledge and skills.
  • Capacity-building support: The programme will provide resources and expertise to help build the capacity of institutions in Bosnia and Herzegovina.

Cooperation with International Partners

The programme will also facilitate cooperation between institutions in Bosnia and Herzegovina and international partners to share best practices and experiences. This includes:

  • Sharing of best practices: Institutions in Bosnia and Herzegovina can learn from international partners who have successfully implemented measures to prevent and combat economic crime.
  • Exchanging of experiences: The programme will facilitate the exchange of experiences between institutions in Bosnia and Herzegovina and international partners.

Commitment to Success

The success of this programme depends on the commitment and collaboration of all stakeholders. As stated by Ms Muminagic, Senior Project Officer at the Council of Europe Office in Sarajevo:

“The success of this programme depends on the commitment and collaboration of all stakeholders. We look forward to working closely with our partners in Bosnia and Herzegovina to achieve our goals.”