Банкеръ Weekly



Deals worth more than BGN30,000, paid in cash, shall be liable to obligatory registration with the Bureau for Financial Investigation, the draft bill on amendments to the Law on Measures Against Money Laundering, approved by Government this week, stipulates. The new provisions include a requirement to lawyers, taxation consultants and brokers in real estate trade, to inform the Bureau for Financial Investigation about dubious deals and operations. Lawyers who give consultations about management of money, securities or other financial assets, shall be obliged to identify their origin, regardless of the deal's worth. And they should inform the financial investigation service if suspicions arise that the service demanded from them is for money laundering. Lawyers will also have similar obligations when they give advice for establishing an off-shore company.The proposed amendments to the law stipulate also additional requirements for identifying electronic banks' clients. If the changes are passed by the National Assembly, the opening of an electronic bank account shall be possible only after a direct meeting with the client. The finance minister and the central bank's managers will prepare a list of banks operating in INTERNET and applying the standards for control, stipulated in the law. They shall not be obliged to identify each new client. One of the most frequently used tricks for money laundering - the use of ficticious persons and companies - is expected to be limited in that way. In compliance with the explicit recommendation of the European Commission, the activities of the Bureau for Financial Investigation will be supervised by a chief inspector of financial investigation. The idea is that one of the deputy finance ministers undertakes the control. He will be able to get information about the Bureau for Financial Investigation, but will not give instructions to the institution's director.

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