Corruption and organized crime have been repeatedly identified as obstacles to the successful implementation of the Dayton Peace Agreement. Money laundering, inseparable part of organized crime and corruption, is an effort to conceal the illicit source of money in order to legitimize it for further profit making.
The global problem of money laundering disproportionately affects countries in transition such as Bosnia and Herzegovina, threatens countries’ political and economic stability, and scares off legitimate and long-term foreign investment needed for economic progress in Bosnia and Herzegovina.
To timely address this global problem, the Office of the High Representative hosted a four-day visit of world renowned experts on money laundering to Bosnia and Herzegovina. Generous help of the Swiss Embassy and the Swiss Development Agency made this visit possible. The experts met with BiH representatives of several ministries, judicial and law enforcement agencies from both Entities, as well as with members of the International Community. The topics of discussions were inadequacies of the recently passed Federation money laundering legislation, as well as the way ahead in fully criminalizing, preventing and sanctioning money laundering in both entities.
The experts’ report will come out in two months and recommend necessary actions in the area of both legislation and its implementation to effectively combat money laundering.
To join Europe and attract long-lasting foreign investment, Bosnia and Herzegovina must adhere to the international standards of money laundering prevention, such as is international Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime.