Texts from the new anti-money laundering bill have passed second reading. The aim of the law is to align with a EU directive on preventing the use of the financial system for money laundering and financing terrorism.

According to the provisions in the law, the measures to prevent the use of the financial system for money laundering include a comprehensive check of clients, collection and drafting of files and other information, risk assessment against money laundering, disclosure of information about suspicious operations, transactions and clients, information exchange and interaction between the Financial Intelligence Directorate at the State Agency for National Security, the financial intelligence units of other countries and jurisdictions as well as the competent authorities of other countries.

Some of the measures are mandatory for the Bulgarian National Bank, credit institutions, financial institutions, currency exchange offices, insurers, ministers and mayors signing concession contracts, political parties, wholesalers, traders in arms, oil and oil products, the National Revenue Agency authorities, the customs authorities, etc.