SIPA notified: Paid a fine of 1,500 KM and had 250,000 dollars returned

Customs officers of the Indirect Taxation Authority at Sarajevo Airport today issued a misdemeanor warrant to a citizen of Bosnia and Herzegovina with initials G. U. who attempted to take 250,000 US dollars out of the country in an illegal manner, reports the Bosnian news agency Patria. G.U. was detained this morning at Sarajevo Airport where he was waiting for a flight to Vienna.

- In agreement with the duty judge of the Municipal Court in Sarajevo, the said person was, according to the Law on Foreign Currency Misdemeanors of the Federation of Bosnia and Herzegovina, fined 1,500 KM, which was paid on the spot. After paying the fine, the money was returned to the person who committed the misdemeanor, with the restriction that the amount of money is prohibited from being taken outside Bosnia and Herzegovina. In accordance with the Law on Prevention of Money Laundering and Financing of Terrorist Activities, the Indirect Taxation Authority ex officio informed the Financial Intelligence Department of the State Investigation and Protection Agency about this case.

We remind you that, according to the current legislation in BiH, a natural person when leaving BiH can take out money or checks in the amount of 2,500 euros or 5,000 KM without declaring it at the border crossing. In addition to this amount, a natural person in passenger traffic with foreign countries can take out money equivalent to an additional 2,500 euros, but with the presentation of proof that this money was withdrawn from their own bank account, or that these funds were purchased from an authorized bank. For all amounts exceeding 5,000 euros (10,000 KM), approval from the Ministry of Finance of Republika Srpska or the Ministry of Finance of the Federation of BiH is required. Therefore, we appeal to all citizens in BiH that for any amount of money taken out of our country exceeding 10,000 KM, they must have written consent from the competent entity ministry of finance.

Bringing money into BiH is not limited, but it is advisable to declare the entry of a larger sum of money into our country at the border crossing to the customs service. Then a certificate of entry of that money is obtained, so the person can without problems take that money out of our country again. Otherwise, they will not have proof of the origin of the money being taken out of BiH.