By Gergana Roussinova
Companies have until 1 February 2019 to register their beneficial owners in the Bulgarian Commercial Register and Register for Non-profit Legal Persons (the “Commercial Register“). This obligation comes as a result of the adoption of a new Law on the measures against money laundering in March this year (the “AML Law“).
Who is obligated under the AML Law?
Under the new AML Law, legal persons and other legal entities established on the territory of the Republic of Bulgaria are obligated to receive, dispose of and provide appropriate, accurate and up-to-date information about the natural persons, who are their beneficial owners, including details about the rights they hold. This information must be registered in the respective files of the entities in the Commercial Register and the BULSTAT Register. Further, natural and legal persons and other legal entities acting on the territory of Bulgaria in their capacity as trustees of trusts, trust funds and other similar foreign legal entities established and existing in accordance with jurisdictions that allow such forms of trusts are obligated to receive and dispose of appropriate, accurate and up-to-date information on the beneficial owner. This information must be registered in the BULSTAT Register.