Foreign nationals defrauded more than 7.500 people in Bosnia and Herzegovina (BiH) last year alone by hiring them for online advertising. They profited over two million BAM from this scheme, transferring the money to accounts of four companies across the globe.
This is just one of the typologies with elements of money laundering mentioned in the report by the Financial Intelligence Department (FID) of the State Investigation and Protection Agency (SIPA).
They earned 2 million BAM through a pyramid scheme
The report, which details various money laundering schemes, also describes a case involving fraud against local citizens orchestrated from abroad.
“Foreign nationals established legal entities in BiH and, through a ‘pyramid scheme’ model, hired people for online advertising jobs, requiring them to make an initial payment ranging from 30 to 375 BAM. In doing so, they defrauded more than 7.500 citizens,” states the FID report.
The perpetrators illegally acquired over two million BAM, which was transferred to accounts of four companies worldwide.
“Afterward, they conducted numerous transactions to other accounts to conceal the illicitly obtained funds,” the document adds.
Furthermore, it was revealed that foreign schemes are not the only threat to the citizens of BiH. High-ranking officials within domestic institutions have also exploited their positions for personal gain.
FID inspectors uncovered cases where high-ranking officials within BiH institutions solicited and received money from multiple individuals, promising employment opportunities in return.
“In this way, they accumulated significant sums, which they later used for various personal expenditures,” the report says.
Local fraud schemes
Fraud schemes also exist at the local level. Inspectors discovered that some responsible officials in local governments exploited their authority and acted in collusion with private investors to misuse state assets.
“Contrary to existing laws and regulations, they initiated and carried out processes that illegally disposed of public property by selling it to private investors for the construction of residential and commercial buildings. In several cases, it was found that these officials accepted bribes from land buyers in the form of real estate and cash payments,” the FID report reveals.
Suspicious transactions
Last year, the FID received 1.379 reports of suspicious transactions, with a total value of 267.51 million BAM.
“Banks submitted 1,036 reports totaling 252.81 million BAM, while other obligated entities filed 343 reports amounting to 14.70 million BAM,” according to the FOO.
Photo: BIRN
