The Council of Europe equipped representatives of competent authorities with comprehensive insights into the strategies and practices crucial for the successful enforcement of targeted financial sanctions in Bosnia and Herzegovina at a workshop held on 29-30 April 2024 in Sarajevo. It built on the previous collaboration with the Ministry of Security of Bosnia and Herzegovina and followed the development of a “Manual for the supervisory authorities responsible for monitoring compliance with targeted financial sanctions” completed in January 2024. 

Council of Europe’s experts and practitioners in the field shared their knowledge and experiences during the workshop, covering various topics including compliance mechanisms and enforcement strategies. The focus was on providing guidance to supervisory authorities responsible for monitoring and inspecting application of targeted financial sanctions in Bosnia and Herzegovina.

Sessions ranged from enhancing understanding of targeted financial sanctions to clarifying roles and responsibilities of different authorities and obliged entities. Practical aspects such as inspection procedures and methodologies were also discussed, along with enforcement procedures following inspection shortcomings.

The workshop facilitated hands-on learning through practical exercises and presentations of on-site inspection checklists. Additionally, the importance of cooperation and coordination among agencies and international bodies was emphasised.

The workshop brought together representatives of different supervisory institutions, including Ministry of Justice of Bosnia and Herzegovina, Ministry of Justice of Republika Srpska, Banking Agency of the Federation of Bosnia and Herzegovina, Banking Agency of the Republika Srpska, Insurance Agency of Federation of Bosnia and Herzegovina, Insurance Agency of Republika Srpska, Notary Chamber of Republika Srpska, Notary Chamber of Federation of Bosnia and Herzegovina, the Bar Association of Republika Srpska, Judicial Commission of Brčko District of Bosnia and Herzegovina, and others. The representatives of the Ministry of Security of Bosnia and Herzegovina also took part, delivering a presentation on the current status and ongoing developments regarding targeted financial sanctions in Bosnia and Herzegovina. 

This workshop is a part of the Council of Europe's initiative focused on combating corruption, money laundering, and terrorist financing in Bosnia and Herzegovina, funded under the European Union/Council of Europe Horizontal Facility for Western Balkans and Türkiye III and by a voluntary contribution of the Council of Europe.