US Targets Bosnia and Herzegovina Officials in Crackdown on Corruption
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The United States Treasury Department has imposed sanctions on two individuals and one business entity in Bosnia and Herzegovina as part of a broader effort to crack down on corruption and undermine democratic processes in the country.
Sanctions Target Key Figures in Bosnian Politics and Business
- Fadil Novalic, Prime Minister of the Federation of Bosnia and Herzegovina, was accused of misusing pensioner data for the benefit of his own political party.
- Slobodan Stankovic, one of the wealthiest individuals in Bosnia and Herzegovina, and his engineering firm Integral Inzenjering A.D. Laktasi were linked to corruption in the construction sector and had ties to Milorad Dodik, a member of Bosnia’s presidency who has been accused of undermining democratic processes and threatening stability in the country.
US Commitment to Holding Accountable Those Who Undermine Democratic Institutions
The designations come after recent sanctions imposed on individuals and entities in the Western Balkans, and underscore the US commitment to holding accountable those who undermine democratic institutions and processes in the region.
Implications for Financial Institutions and Individuals
As a result of the designations:
- All property and interests in property of the designated individuals and entities that are in the United States or in the possession or control of US persons must be blocked and reported to the Treasury Department’s Office of Foreign Assets Control.
- Any transactions by US persons involving the designated individuals or entities are prohibited unless authorized by a general or specific license issued by the Treasury Department.
Ongoing Effort to Crack Down on Corruption in the Western Balkans
Bosnia and Herzegovina, along with Kosovo, Albania, North Macedonia, Montenegro, Serbia, and Croatia, is part of an ongoing effort to crack down on corruption and undermine democratic processes in the region. The US designations are a key part of this effort.
Background on Bosnia and Herzegovina
Bosnia and Herzegovina consists of two entities: the Federation of Bosnia and Herzegovina and the Republika Srpska. The country is still recovering from a devastating war in the 1990s and has been struggling with corruption and instability in recent years.
The US Treasury Department’s actions demonstrate its commitment to promoting democracy, stability, and transparency in the Western Balkans.