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The Parliamentary Committee on Internal Security and Public Order adopted at second reading a Bill amending and supplementing the Measures Against Money Laundering Act.

With the additions, we will try to implement all recommendations under MONEYVAL – the procedure for combating money laundering and terrorist financing, explained to journalists after the vote Manoil Manev, Deputy Chairman of the Committee. In his words, the spirit of the law does not change much. Some persons are dropping out, which is good because throughout the adoption of this law we are trying to limit the circle of persons to whom it refers and now some non-profit legal entities are dropping out of the checks and paperwork that must be implemented under this law, he added. Manev noted that some criteria are increased to those who are in the range. A large part is focused on electronic money, it is about virtual money and banking relationships, which are related to bonds and stocks.

The purpose of this law is to know the owner of some funds and where they go so that they cannot go to terrorist organizations or to the laundering of money acquired from criminal activity, Manev said.

MPs debated the amendments to the Anti-Corruption Act, but did not reach a vote

Asked about sanctions and fines, the MP pointed out that there were several proposals to raise the upper threshold, but they were withdrawn and the sanctions remained the same. He noted that in many European countries where the law is in force, the penalties are enormous, 50% of the turnover, for example, while we have fixed amounts.

I was surprised to see that we have two versions of the report – the one we received in our mail differs from the one published on the site, said during the meeting Ivaylo Valchev ("There is such a people") after the chairman of the committee Desislava Atanasova read some of the texts. According to him, one of them includes proposals from a working group for which they have not been notified and invited to participate. As far as I understand, the same thing happened with colleagues from other parliamentary groups, Valchev added.

Atanassova pointed out that the working group was formed after it turned out that the law was extremely difficult and the Conference of Presidents found this. In view of the speed with which they had to examine the law at second reading because of MONEYVAL, the working group involved experts from institutions and experts of the committee.

According to Petar Petrov ("Vazrazhdane"), such a thing has not been reported to the Conference of Presidents. He said that their parliamentary group will no longer participate in the discussion of the bill and with his colleagues left the meeting of the committee.

National Assembly


money laundering