Financial Crime World

Bulgaria Imposes No Financial Penalties for Breach of Iran Sanctions

SOFIA, Bulgaria - In a move that may have significant implications for businesses operating in Bulgaria, the country’s authorities have announced that no financial penalties will be imposed on individuals or entities found to have breached sanctions against Iran.

Decree No. 83: A New Era for Trade and Economic Cooperation

According to Decree No. 83, the breach of sanctions regimes against Iran is not punishable by fines, although responsible individuals may still face criminal charges under Bulgaria’s Criminal Code. The decree was issued by the Council of Ministers in an effort to promote trade and economic cooperation between Bulgaria and other countries, including Iran.

Key Players Empowered to Monitor Compliance

Several governmental bodies have been empowered to control compliance with the sanctions regimes and impose penalties on entities found to be non-compliant. These bodies include:

  • Minister of Interior
  • State Agency for National Security
  • National Revenue Agency
  • Bulgarian National Bank
  • Financial Supervision Commission

Ministerial Appointments

The Minister of Economy, the Minister of Defence, and the Governor of the Bulgarian National Bank have also been entrusted with implementing Decree No. 83, which sets out the rules and regulations governing trade and economic cooperation between Bulgaria and Iran.

Guidance from Law Firms

Law firms Kamen Gogov and Djingov, Gouginski, Kyutchukov & Velichkov are providing guidance to businesses operating in Bulgaria on compliance with the sanctions regimes and related regulatory requirements.

Eversheds Sutherland Weighs In

In a statement, a spokesperson for Eversheds Sutherland, a global provider of legal services, said that the lack of financial penalties for breach of sanctions against Iran may present an opportunity for Bulgarian businesses to expand their operations into the Iranian market. However, the firm cautioned that compliance with regulatory requirements remains essential and advised clients to seek professional advice before engaging in any activities related to trade or economic cooperation with Iran.

Contact Information

For more information on Decree No. 83 or sanctions-related matters, please contact:

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