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Bulgarian politicians under financial scrutiny as of 2006

Date: 27.09.2005

The Financial Intelligence Agency will commence close monitoring on the financial activities of Bulgarian politicians in line with EU law.

Talking to private Darik radio, the agency's chief Vassil Kirov said that once the relative EU directive becomes effective, all finances of politicians deposited in banks will be subject to stern scrutiny by the respective banking administration.

Kirov said that in the last two years the financial intelligence has come across some illegal practices to purchase a real estate with finances of dubious origin.

The scheme, according to him, includes an offshore company lending finances of doubtful origin to a Bulgarian company, which is the one to buy the estate. This is an apparent attempt to launder money, Vassil Kirov pointed out.

So far as there are no offshore zones within the Union, the European Commission explores also whether Bulgaria hosts any harmful taxation practices to complete the harmonisation with EU legislation in this field.

The financial intelligence has investigated signals about alleged fund-raising that might be used for financing terrorist activities. In the same time, he was negative on any direct financing of terrorism from the territory of Bulgaria.

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