Bulgaria sets clear rules for international sanctions
A draft Law on International Restrictive Measures has been published, aiming to address a serious deficit in Bulgarian legislation. Until now, our country lacked a unified regulatory framework for implementing sanctions adopted by the UN and the European Union.
The law will ensure the effective fulfillment of Bulgaria's commitments and create a clear administrative infrastructure for control.
Who falls under the scope of the law?
The new rules are mandatory for a wide range of entities:
- Natural persons on the territory of the country;
- Legal entities with an address in Bulgaria, including their subsidiaries;
- Foreign companies operating through branches in our country;
- State bodies, the judiciary, and local administration.
End of professional and banking secrecy
A key point in the bill is the removal of obstacles to investigations. Obligated entities cannot refuse to provide information by citing:
- Banking secrecy;
- Trade or professional secrecy;
- Official secrecy;
- Tax and social security information.
Who are the competent authorities?
The creation of an Interdepartmental Council under the Council of Ministers is planned. The main functions will be distributed among 21 bodies, with leading roles held by:
- SANS (State Agency for National Security): Control over financial restrictive measures.
- Ministry of Interior: Bans on entry and transit for sanctioned persons.
- Ministry of Foreign Affairs: Visa control and diplomatic flight clearances.
This bill is a step towards greater transparency and synchronization with international standards for security and law enforcement.