Ministry of Interior Contacts OFAC Over Suspected Circumvention of Magnitsky Sanctions

The Ministry of the Interior has been in contact with the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury.

Bulgaria’s Ministry of Interior has contacted the Office of Foreign Assets Control (OFAC) at the US Department of the Treasury.

Bulgarian authorities are prepared to provide information, documents, evidence, corporate links and other materials they consider relevant to the implementation and effectiveness of sanctions imposed under the Global Magnitsky Act.

A letter to OFAC, signed by Minister of Interior, Ivan Demerdzhiev, states that during various proceedings carried out by Ministry of Interior authorities, information has been identified that raises reasonable suspicions that legal entities and individuals have assisted sanctioned persons in circumventing or limiting the impact of the imposed sanctions.

"The available data indicates the possible use of related parties, commercial companies and other mechanisms through which sanctioned individuals continue to exercise de facto control over assets, business activities, financial flows, as well as the execution of various payments," the document also states.