The Bulgarian Parliament is about to pass the Measures Against Money Laundering Act (the “Bill”) mandated by the EU’s 4th Anti-Money Laundering Directive, No. 2015/849 (4th AMLD) of 26 June 2015.  Approved on its first hearing on 6 October 2017, the Bill will repeal and replace existing anti-money laundering legislation. Currently going through its second […]

The Jersey Financial Services Commission (JFSC) has today issued a Public Statement in relation to Equity Trust (Jersey) Limited (Equity) concerning  its role as trustee to two Jersey non-charitable purpose trusts (FSTs) and as former trustee of three collective investment funds (Funds) investing in undeveloped property in Bulgaria, Croatia and Montenegro. Following the JFSC’s Application […]

Romanian prosecutors indicted 30 Romanians, Greeks and Bulgarians for tax evasion and money laundry resulting in EUR 180 million damages. The crime group members created a financial and accounting scheme meant to help them avoid paying VAT and profit tax. The group was led by a Romanian, a Greek and two Bulgarian citizens, and used […]

Bulgaria’s ex-deputy parliament speaker Hristo Biserov was charged Friday with money laundering. The veteran politician was also number-two in the Turkish minority MRF party, a key supporter of the government, until he resigned last week, just days before revelations he and his stepson had channelled dirty money to offshore accounts. Prosecutors said Friday they were […]