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Bulgaria: Amendments in Measures against Money Laundry Act (MAMLA)

On 14.07.2023 the National Assembly of Bulgaria adopted new amendments to the Measures against Money Laundering Act (MAMLA), which aim to achieve compliance with the Directive 2018/843 of the European Parliament and of the Council of 30 May 2018.

The afore-mentioned amendments were published in the State Gazette, issue No. 60, on 14.07.2023.

A summary of the most important amendments follows:

Resolving any discrepancy between the information provided and announced on the ultimate beneficial owner and the information collected on the beneficial owner

The new provision in art. 63a provides the possibility all obliged persons under the MAMLA, as well as authorities such as the State Agency for National Security, the Ministry of Internal Affairs, the National Revenue Agency etc., to inform the Registry Agency in case they establish discrepancies between the announced in the Commercial register and the Register of non-profit legal entities or the BULSTAT Register, information about the beneficial owners and the information collected by them related to the beneficial owners of the relevant legal entity.

Read more at Eurofast International blog here

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