Bulgaria, like many other countries, has implemented robust Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) legislation to enhance transparency and combat financial crimes. One critical aspect of this legislation is the requirement for entities operating within Bulgaria to declare their Ultimate Beneficial Owners (UBOs).
In this article, we delve into the specifics of UBO disclosure, legal obligations, and penalties for non-compliance.
Legal Framework
The new AML/CFT legislation was promulgated in Bulgaria in March 2018 through the Law on Measures against Money Laundering. The new legislation repealed the previous text of the law and introduced amendments and supplements to enhance anti-money laundering efforts. The latest amendments, effective from July 16, 2024, emphasize the importance of UBO identification and reporting.
Read more at Eurofast Int'l blog here
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