site.btaParliament Passes Conclusively New Anti-money Laundering Measures Act

Sofia, March 14 (BTA) - Parliament Wednesday passed conclusively a new Anti-money Laundering Measures Act.

The new law's implementation will be monitored by the Chairman of the State Agency for National Security (SANS) through control bodies from the SANS' Financial Intelligence Directorate determined by him.

The new law prohibits the setting up or maintenance of an anonymous account or an account under a fictitious name, as well as of anonymous certificates of deposit or certificates of deposit under a fictitious name.

A certain circle of persons, for example insurers, reinsurers, postal operators, investment intermediaries, notaries, and registered auditors, are prohibited from establishing correspondence relations with phantom banks.

The Anti-money Laundering Measures Act also envisages the elaboration of a national assessment of money laundering and terrorist financing risk, which will be updated once every two years.