The Act “Measures Against Money Laundering” published in the Official Gazette in 1998 and amended in June 2006 regulates the preventive measures against using the financial system for money laundering purposes. The measures outlined in the Act are mandatory for, among others:

 

·   credit institutions, financial houses, exchange bureaus and persons providing services for funds transfer from the country abroad or vice versa, acting on their behalf on behalf of other persons

·   Insurers, re-insurers and insurance agents

·   Mutual investment schemes, investment intermediaries and management companies

·   Retirement security companies

·   Persons who organize and conduct gambling games

·   Leasing entities/State and municipal authorities executing concession agreements

·   Non-for-profit legal entities

·   Certified public accountants and specialized auditor enterprises

·   National Revenue Agency authorities

·   Custom authorities

·   Merchants selling automobiles by occupation where a payment was made in cash and the value exceeded BGN 30 000 or its equivalent in a foreign currency

·   Persons providing by occupation advice in legal matters

·   Persons , whose occupation is to provide: Management address, correspondence address, or office for the purpose of legal person registration

·   Legal person, off-shore company, fiduciary management company or similar entity registration services

·   Fiduciary management services for property or person under previous line above.

 

These measures are mandatory for those entities belonging to the above categories even when they have been  declared bankrupt and in liquidation, as well as to branches of the persons listed above who are registered abroad and to branches registered in Bulgaria held by foreign persons falling within the scope of those listed and those declared bankrupt and in liquidation.

 

 

Source: Eurofast Global

«Back