Comprehensive Approach to Combat Money Laundering in Bosnia and Herzegovina
Strengthen the Criminal Law Framework
- Make money laundering a serious offense by enacting legislation that classifies it as a felony
- Enactments should include severe penalties, such as imprisonment and fines
- Laws should also allow for the seizure and confiscation of criminally derived assets
- Ensure consistency with international standards
- Review existing laws to ensure compliance with FATF recommendations
- Collaborate with international organizations to align BiH’s anti-money laundering framework with global best practices
Category 2: System Improvements
Establish a National Anti-Money Laundering Agency
- Create an independent agency responsible for coordinating anti-money laundering efforts across the country
- Provide the agency with sufficient resources and authority to implement anti-money laundering policies and regulations
Improve Reporting Requirements for Financial Institutions
- Strengthen reporting requirements for banks, casinos, and other financial institutions
- Ensure reports are submitted in a timely and accurate manner
Enhance Customer Due Diligence (CDD) Practices
- Require financial institutions to conduct thorough CDD on customers
- Implement robust CDD procedures to prevent money laundering
Category 3: Capacity Building
Provide Training for Law Enforcement, Prosecutors, and Judges
- Offer training programs to enhance knowledge and skills in anti-money laundering investigation and prosecution
- Ensure all relevant officials are familiar with international best practices and standards
Build the Capacity of Financial Institutions
- Provide training and resources for financial institutions to enhance their CDD and reporting capabilities
- Encourage financial institutions to adopt robust anti-money laundering policies and procedures
Category 4: International Cooperation
Strengthen Relationships with Neighboring Countries
- Collaborate with neighboring countries to share information and best practices on anti-money laundering
- Enhance cooperation in investigating and prosecuting money laundering cases that involve cross-border activity
Engage with International Organizations
- Work closely with FATF, IMF, and other international organizations to ensure BiH’s anti-money laundering framework is aligned with global standards
- Participate in regional and international initiatives to combat money laundering and terrorist financing.