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.
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legislation repealed the previous text of the law and introduced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.
