SIPA

In addition to the Law on SIPA, tasks and competence of the Financial Intelligence Department are provided for by the Law on Prevention of Money Laundering and Financing of Terrorist Activities, based on which the department receives, collects, records and analyses data, information and documents as well as investigates and submits the findings of the analyses and/or investigations, data and documents to prosecutor’s offices and other relevant authorities in B&H and abroad. In addition to these tasks, the FID performs the tasks pertaining to the prevention of money laundering and financing of terrorist activities, promotes cooperation between the relevant authorities of Bosnia and Herzegovina, Federation of Bosnia and Herzegovina, Republika Srpska and Brcko District B&H, as well as with the relevant authorities of other countries and international organisations.

Unlike neighbouring countries, where the financial intelligence units are of administrative type and operate as independent organisations within ministries of finance, the FID of SIPA is a main organisational unit of SIPA, with all police and investigative powers. In addition to these powers, the FID has the powers prescribed by the Law on Prevention of Money Laundering and Financing of Terrorist Activities, which provides a special power not only to the FID but SIPA as well and the entire system of combating organised and economically motivated crime in B&H. In case of a suspicion of money laundering or financing of terrorist activities, the FID with strong mechanisms of personal and secret data protection and for the purpose of performing its duties or for the prosecutor’s offices, law enforcement agencies and foreign financial intelligence units, independently, without a court or prosecutorial order, may:  

• collect necessary information and documentation from financial and non-financial institutions and all state-level authorities in BiH
• in compliance with the principles of the Egmont Group, collect / provide information within international cooperation from / to all 146 financial intelligence units, members of the Egmont Group
• issue an order to suspend (block) transactions for up to five working days
• order financial institutions to monitor and report on financial operations of a client, for up to six months.

The Financial Intelligence Department is involved in all major investigations into organised and economically motivated crime in BiH by providing available and/or collected information, carrying out complex financial analyses, providing expert support to prosecutors by participating in investigation teams, or direct guidance of investigations of money laundering / financing of terrorist activities.

The Financial Intelligence Department is involved in the training of employees of financial and non-financial institutions in BiH, prosecutor’s offices and law enforcement agencies. The Financial Intelligence Department is responsible for indirect overseeing all financial and non-financial institutions in BiH that are subject to the Law on Prevention of Money Laundering and Financing of Terrorist Activities as well as to conduct direct supervision over certain categories of obligors under the Law, and to actively cooperate with banking agencies and other supervisory authorities.

Officials of the Financial Intelligence Department chair the Working Group of BiH Institutions for Preventing Money Laundering and Financing Terrorist Activities while it also has a leading role in drafting laws, secondary legislation and strategic documents in this area. Moreover, the Financial Intelligence Department has a leading role in representing Bosnia and Herzegovina in the Council of Europe Moneyval Committee and similar international bodies adopting and/or evaluating compliance with binding standards on prevention and fight against money laundering and financing of terrorist activities.

Internal organisational structure

• Analytical Section
• Investigation Section
• Section for Legal Affairs, International Cooperation and Support