Financial Crime World

Bulgaria Moves Closer to Implementing Whistleblower Protection Laws

A significant step towards strengthening protections for individuals who report breaches of EU and national laws has been taken in Bulgaria. A draft law aimed at implementing the European Union’s whistleblower protection directive has been published, outlining new rules and regulations for companies operating in the country.

Key Provisions of the Draft Law

Internal Reporting Channels

  • Companies with more than 50 employees would be required to establish internal reporting channels
  • Those with between 50 and 249 employees could use a common channel

Protection from Retaliation

  • Whistleblowers who report breaches of national or EU laws would be protected from retaliation
  • Extension of protection to individuals who facilitate whistleblowers or are connected to them in a work-related context, as well as legal entities with which the whistleblower is associated

Sanctions for Breaches

  • Fines of up to EUR 10,000 and EUR 15,000 in cases of consecutive violations

Impact on Bulgaria’s Business Landscape

The implementation of the whistleblower protection directive is expected to have a significant impact on Bulgaria’s business landscape. The new rules would introduce a new level of transparency and accountability for companies operating in the country.

Strengthening Good Governance and Combating Corruption

  • The proposed law is seen as an important step towards strengthening good governance and combating corruption in Bulgaria
  • Experts believe that the implementation of whistleblower protection laws would help to prevent and detect corruption, ensuring that businesses operate fairly and transparently

What’s Next?

The draft law is expected to be submitted to parliament soon, following which it will be implemented into national legislation. Experts say that some provisions may require further clarification to ensure effective implementation.

In summary, the proposed whistleblower protection law in Bulgaria marks a significant step towards strengthening protections for individuals who report breaches of EU and national laws. The new rules would introduce internal reporting channels, protect whistleblowers from retaliation, and impose sanctions for breaches. The impact on Bulgaria’s business landscape is expected to be significant, introducing a new level of transparency and accountability for companies operating in the country.