Latest amendments and changes in the Law for the Measures against Money Laundering
Vladimirov Law Office informs all of its current and future clients about the latest amendments and changes in the Law for the Measures against Money Laundering(LMAML) published on 7th of May 2019.
- The obligation to present the internal rules under Art. 101 Law for the Measures against Money Laundering by 12 May 2019 is CANCELED.
The internal rules and policy on anti-money laundering and counterterrorism measures should be adopted but within a different deadline, and the obligation to send them to the State Agency for National Security is also canceled. The time limitation is 6 months and its beginning depends on the results of the national risk assessment - the responsibility of State Agency for National Security.
- The new obligation to declare the universal beneficial owners /UBO/ of companies and non-profit organization is within the same deadline - 31 May 2019.
Some companies and organizations are now relived from part of the obligations. For example, an universal beneficial owner (UBO) would NOT be declared if:
- a company or non-profit organization is incorporated in Bulgaria, and the UBO/ natural person / is listed as a partner or sole owner of the capital;
- a company or a non-profit organization is incorporated in Bulgaria, and as partners or sole owners of the capital are registered other legal entities, as evidenced by the registers, the respective actual owners / natural persons / of these other legal entities are entered and visible as partners and / or sole proprietors of the capital in the accounts of legal entities participating in the chain of ownership. The obligation to declare the UBO remains for those companies whose shareholders / owners of capital are not registered in Bulgaria or, specifically, when the respective legal entity is owned by a foreign company
The team of "Vladimirov Law Office stays at your disposal for any further questions and legal assistance.