Bulgaria: New Measures against Money Laundering on the Verge of Implementation

On February 16, 2024, the Bulgarian State Gazette published Ordinance No. H-1, issued on February 6, 2024, which delineates the requirements for inclusion in a Public Register administered by the Ministry of Justice of Bulgaria. This registration is in accordance with Article 9b of Measures against Money Laundering (MAMLA), of which we informed previously, and is set to take effect from March 20, 2024.

The Ordinance provides a comprehensive framework, outlining both eligibility criteria and procedural steps for enrollment in the newly established registry. It specifically caters to professionals involved in designated activities detailed in Article 4, item 16 of MAMLA, with a particular focus on corporate secretarial services. These services encompass a spectrum of activities, including the provision of registered office addresses, correspondence facilities, business accommodations, and essential ancillary services crucial for the establishment and operation of legal entities. Additionally, the scope extends to services related to registration, organizational management, and fiduciary asset management for legal entities.

The ordinance mandates registration for individuals holding positions as procurators, managers, members of management or control bodies, limited partners in entities engaged in activities as outlined in Articles 4, items 15, 16, and 18 of MAMLA.

Furthermore, beneficial owners of such entities are also required to register.

To comply with the Ordinance, documentation for registration must be submitted within two months from the effective date, commencing from March 20, 2024. This timeframe underscores the importance of a prompt and efficient registration process for individuals and entities falling within the stipulated categories.

Reach out to Eurofast experts in Bulgaria at sofia@eurofast.eu for more information and details on the procedure itself and all the requirements that apply.

Rossitza Koleva
Country Manager
Eurofast Sofia