Potential illegal money transfer from Serbia to foreign countries could lead to increased controls at border crossings between BiH and Serbia. Two professors from the University of Belgrade, Vladimir Obradović and Ognjen Radonjić, asked competent institutions in BiH and neighboring countries to urgently assess the risk of cash leaving Serbia.
The professors issued 13 letters to domestic and international institutions, including the European Commission, the Customs Administration of Serbia, border police, and competent authorities in BiH, Montenegro, and North Macedonia.
The trigger for their initiative is recent developments in Serbia’s financial sector, especially the revocation of the operating license of Alta Bank, as well as previously expressed suspicions regarding the potential expedited transfer of significant funds abroad.
“There are serious reasons to suspect that an accelerated outflow of money from Serbia could take place. When there are warnings that require review, the competent institutions must not wait for money to disappear for them to start doing their jobs,” Obradović and Radonjić said.
Calls for Increased Controls at the BiH Border
Their request pays special attention to international border crossings and airports, where competent institutions should assess the need for additional controls on cash transfers.
The BiH institutions were asked to assess potential risks and to intensify the exchange of information with Serbia’s competent bodies, especially when it comes to suspicious cross-border financial flows.
Professors believe it is important to react in time if unusual patterns of cash transfers are detected, as well as other indicators that could point to illegal activities,” Nova.rs reported.
“Serbia cannot become a country that enables a smooth outflow of money of suspicious origin, while the citizens are left to deal with the consequences of potential abuses,” they stated in the explanation of the initiative.
They also demanded that competent institutions, if they determine significant irregularities, inform the public in a timely manner, while respecting legal restrictions and protecting ongoing investigations.
Emphasizing that Suspicions Are Not Proof of Illegal Activity
Obradović and Radonjić emphasized that publicly expressed claims about international money transfers do not yet constitute proof that a criminal offense has been committed. Their request, they state, is preventive in nature and focuses on risk assessment and the potential introduction of controls in accordance with the law.
They emphasized that the initiative does not refer to restriction of legitimate money transfers or citizens’ right to dispose of their property.
“Money that is legally acquired and transferred in accordance with regulations has no reason to be subject to suspicion. But if there is an attempt to take out illegally acquired money, the state must react before it’s too late,” professors concluded.
Currently, it is unknown whether institutions of Bosnia and Herzegovina will act in accordance with the new request or whether additional controls will be introduced at border crossings with Serbia.
