Bulgaria’s Ministry of Interior has contacted the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury, saying it is prepared to provide information and evidence related to the implementation of sanctions imposed under the Global Magnitsky Act.
According to the ministry, Bulgarian authorities are ready to submit documents, evidence, details about corporate relations, and other materials that could be relevant to ensuring the effectiveness of the sanctions regime.
A letter signed by Interior Minister Ivan Demerdzhiev states that during various investigations and proceedings conducted by ministry bodies, authorities have identified information raising concerns that individuals and legal entities may have assisted sanctioned persons in avoiding or reducing the impact of the restrictions.
The ministry said the available information points to the possible use of affiliated individuals, companies and other mechanisms that allow sanctioned persons to continue exercising effective control over assets, business operations, financial flows and payments.
“The available data indicate the possible use of related parties, commercial companies and other mechanisms through which sanctioned persons continue to exercise de facto control over assets, business activities, financial flows, as well as making various payments,” the letter to OFAC states.
