SPRJEČAVANJE PRANJA NOVCA I FINASIRANJE TERORIZMA U SEKTORU OSIGURANJA U BOSNI I HERCEGOVINI SA OSVRTOM NA ZAŠTITU LIČNIH PODATAKA
PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING WITHIN THE INSURANCE SECTOR IN BOSNIA AND HERZEGOVINA WITH REFERENCE TO THE PROTECTION OF PERSONAL DATA

Summary/Abstract: In this paper, the authors will present a legal frame of prevention of money laundering in insurance with a special focus on personal data protection in Bosnia and Herzegovina and entities as well. Also, the purpose of this paper is to present different possibilities based on legal frame for the prevention of money laundering in this specified field. Moreover, different models of money laundering that appear in practice in the field of insurance will be presented. In the end, looking at the complex state of this field, we’ll conclude that Bosnia and Herzegovina has made a significant step forward in implementing anti-money laundering and terrorist financing measures in the insurance sector in terms of their compliance with FATF standards. However, additional efforts will be needed in terms of harmonizing European standards in the field of personal data protection with anti-money laundering legislation.

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