LEGAL ALERT, NOVEMBER 2018 - MANDATORY REGISTRATION OF BENEFICIAL OWNERS OF ALL LEGAL ENTITIES (2)

Bulgarian State Gazette No. 27 of 27.03.2018 introduced the new Measures Against Money Laundering Act (“MAMLA”), implementing Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. The new legislation is focused on creating obligations for a large number of legal entities with respect to the money laundering prevention.
In particular, the MAMLA provides for the following new obligations...

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