Financial Crime on the Rise in Bosnia and Herzegovina: Millions of Euros Lost to Illicit Flows

A Major Hub for Financial Crimes

Bosnia and Herzegovina has emerged as a significant hub for illicit financial flows (IFFs), with millions of euros of dirty money flowing through the country every year. According to a new report, IFFs are a substantial problem in Bosnia and Herzegovina, Montenegro, and Serbia, with large sums of money being transferred out of these countries into the hands of criminal beneficiaries worldwide.

The Cost of Financial Crimes

• Billions of euros are lost to the region each year due to this type of financial crime.
• These funds could have been used for public services, investment, or job creation, but instead they are being siphoned off by corrupt officials and organized crime groups.

A Major Obstacle to Economic Development

The report’s authors warn that IFFs are a major obstacle to economic development in Bosnia and Herzegovina and the wider Western Balkans region. They call on governments in the region to do more to prevent this type of financial crime, including:

• Strengthening laws and regulations
• Improving international cooperation

A Call for Collaboration

A webinar accompanying the report will bring together experts from Bosnia and Herzegovina, Montenegro, Serbia, and other countries to discuss the key issues surrounding IFFs in the Western Balkans. The event is expected to stimulate a conversation about effective responses to this problem and how it can be tackled through collaboration between governments, civil society, and international organizations.

What’s at Stake

The report’s findings are likely to be of interest to policymakers, business leaders, and anyone concerned about financial crime and its impact on economies in the Western Balkans.