Financial Crime World

Financial Crime Investigation Techniques Take Center Stage in Bosnia and Herzegovina

SARAJEVO, Bosnia and Herzegovina

The Financial Intelligence Department (FID) of the State Investigation and Protection Agency (SIPA) is at the forefront of preventing and combating financial crimes in Bosnia and Herzegovina. As the country’s only financial intelligence unit operating under binding international standards, FID plays a crucial role in the fight against money laundering and terrorist financing.

Establishment and International Cooperation

FID was established on December 28, 2004, and admitted to the Egmont Group of Financial Intelligence Units on June 29, 2005. Since then, it has been working closely with relevant authorities in Bosnia and Herzegovina and abroad to receive, collect, record, and analyze data, information, and documents related to financial crimes.

Powers and Responsibilities

Under the Law on Prevention of Money Laundering and Financing of Terrorist Activities, FID is authorized to:

Investigate and Submit Findings

  • Investigate financial crimes
  • Submit findings to prosecutor’s offices and other relevant authorities

Prevent Money Laundering and Financing of Terrorist Activities

  • Perform tasks related to preventing money laundering and financing terrorist activities
  • Promote cooperation between relevant authorities in Bosnia and Herzegovina
  • Represent the country in international bodies

Unique Structure

FID’s status as a main organizational unit of SIPA, with all police and investigative powers, enables it to collect necessary information and documentation from financial and non-financial institutions without requiring a court or prosecutorial order.

Key Powers

  • Collecting information and documentation from financial and non-financial institutions
  • Collaborating with international cooperation partners within the Egmont Group
  • Issuing orders to suspend transactions for up to five working days
  • Ordering financial institutions to monitor and report on client operations

Training and Oversight

In addition to its investigative work, FID is involved in training employees of financial and non-financial institutions, prosecutor’s offices, and law enforcement agencies. The department also oversees all financial and non-financial institutions subject to the Law on Prevention of Money Laundering and Financing of Terrorist Activities.

International Representation

FID plays a leading role in drafting laws, secondary legislation, and strategic documents related to preventing money laundering and financing terrorist activities. It is also responsible for representing Bosnia and Herzegovina in international bodies such as the Council of Europe Moneyval Committee.

Internal Organizational Structure

Analytical Section

  • Responsible for analyzing data and information related to financial crimes
  • Provides findings and recommendations to FID leadership

Investigation Section

  • Conducts investigations into financial crimes
  • Collaborates with other sections and authorities as needed
  • Handles legal matters related to FID’s activities
  • Coordinates international cooperation and support efforts
  • Provides administrative and logistical support to FID staff