The Bulgarian Industrial Association reminds its members – all non-profit legal entities (NPOs) that by September 13th , 2020 they should prepare a risk assessment under Art. 98, para. 4 of the Law on Measures against Money Laundering (LMML), as well as to adopt Internal Rules for Control and Prevention of Money Laundering and Terrorist Financing with regard to the activities of non-profit legal entities.
The liability applies to non-profit organizations that have an annual turnover of over BGN 20,000 for the past year. "Annual turnover" should be understood as the total turnover of the non-profit organization, including the sum of the revenues specified in Section I. Operating revenues from the Statement of income and non-profit expenses (Appendix 2 to NSS 9) and total operating revenues, specified in the income statement (Appendix 2 to NSS 1), if applicable.
Sample Internal Rules for Control and Prevention of Money Laundering and Terrorist Financing in Relation to the Activity of Non-Profit Legal Entities, as well as Methodology and Criteria for Risk Assessment under Art. 98, para. 4 and 5 of the LMML are published on the website of the State Agency for National Security
Regardless of their annual turnover, non-profit organizations may prepare a risk assessment under Art. 98, para. 4 of the LMML and when they consider that there is a danger of using their activity for: money laundering or terrorist financing by individual terrorists, terrorist organizations and persons financing terrorism; concealment of terrorist financing through the use of persons with legitimate aims and activities, including in order to avoid blocking financial resources and other financial assets or economic resources; diversion of funds intended for lawful purposes to individual terrorists, terrorist organizations and persons financing terrorism. (Art. 98, para. 5 of the LMML). In this case, the terms for preparation of the risk assessment under Art. 98, para. 5 and adoption of the rules under Art. 101 of the LMML expire on August 21st, 2020.
Within the term for adoption of the Internal Rules, a person responsible for the application of the LMML and the Regulations for its application shall be appointed, for which SAD Financial Intelligence of SANS shall notify within 7 days. Pursuant to Art. 79 of the LMML, the provision of the information may also be performed electronically with a qualified electronic signature.
For quesrions and additional information you can contact the following e-mail addresses of SAD "Financial Intelligence" of SANS: