Polina Stoykova
Abstract: The present study aims to present the current requirements of the Bulgarian legislation on measures against money laundering, regulated in the Anti-Money Laundering Measures Act, and to show the practical implications in the activities of the obliged categories of persons as per art. 4 of the Act, as well as particularly in the activities in the real estate agencies. In the course of the analysis we will focus on specific legislative requirements that are difficult to implement; ambiguities arising from the general wording of the law and its initial focus on the financial sector; unevenly distributed burden on its implementation; unbearable financial sanctions in case of established violations and in general inexpediency of the legal requirements in view of the specific purpose of the law - the prevention of money laundering and the use of the financial system for terrorist financing.
Key words: money laundering; real estate; AML requirements; compliance; Bulgaria.
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