The deadline for submission of declarations for actual owners under the Measures against Money Laundering Act is 30 May 2019

According to the Measures against Money Laundering Act the legal persons and other legal formations, established on the Republic of Bulgaria, are obliged to provide exact and updated information about the natural persons, who are their real owners, including detailed data about the rights, held by them until 31 May 2019. This is done by submitting a declaration form for entry in the trade register, the register of non-profitable legal persons or in the BULSTAT register according to the type of legal entity.

In the sense of the law „the real owner“ of cooperative legal formations, is the person, who directly or indirectly possesses least 25%  of the assets, shares or rights to vote, and in relation to foundations and foreign legal formations this is the establisher, the trust owner, the keeper, the beneficiary, the person in whose major interest is created or is managed the trust ownership or  any other natural person, who manages control over trust ownership by direct or indirect possession or other means.

These data shall be entered if the actual owners have not been entered under other ground on the cases or batches of legal entities in the relevant register of natural persons, who are sole owners or partners with at least 25% share participation.

In case of violation by the obliged persons the punishment shall be а fine of BGN 500 to 5000 where the violator is a natural person, a property sanction from BGN 1000 to 10 000 where the violator is a legal person or a sole trader, a property sanction from BGN 2000 to 20 000, where the violator is a person under Art. 4, p. 1 – 6 and 8 – 11, and if the person fails to declare entry in the set term after he has been punished, he shall be punished every month to the declaration of the entry.