Name of law
Law amending the Foreign Exchange Act




Name Bill
Bill amending the Foreign Exchange Act





Date of adoption
23/11/2011



Number / year Official Gazette
96/2011







DECREE № 245
Pursuant to Art. 98 pt. 4 of the Constitution of the Republic of Bulgaria
DECREE:
To be published in the "Official Gazette" Act amending the Foreign Exchange Act, passed by HLI National Assembly on November 23, 2011
Released in Sofia on November 30, 2011
President of the Republic, Georgi Parvanov
stamped with the state seal.
Minister of Justice Diana Kovacheva

Act amending the Foreign Exchange Act (prom. SG. 83 of 1999 .; amend., SG. 45 of 2002, pcs. 60 of 2003, SG. 36 of 2004 pcs. 105 of 2005, pcs. 43, 54 and 59 of 2006, pcs. 24 2009 n. 16 and 23 of 2011 .)
§ 1. In art. 1 made the following amendments:
1. In pt. 4 words "their exports, imports" are replaced by "their transfer across the border of the country."
2. Point 5 is amended as follows:
"5. transfer of cash across the border; ". 3
. In pt. 6 after the words "balance of payments" insert "and international investment position."
§ 2. Article 6 is amended as follows:
"Cross-border transfers and payments
Art. 6. (1) Payment service providers shall carry out cross-border transfers and payments after stating the reasons for the transfer to them.
(2) A person who carries out cross-border transfer or payment to a third party in the amount of 30 000 Levs or more or its equivalent in another currency, provide the payment service information and documents set out in a joint ordinance of the BNB Minister of Finance. "
§ 3. In art. 7 following amendments and additions:
1. Paragraph 1 shall be amended as follows:
"(1) For the balance of payments statistics payment service providers keep records of every transaction and payment between residents and non-residents for each cross-border transfer and payment of an amount equal to or exceeding 100 000 lev. "
2. In para. 2, 3 and 4 the words "under par. 1 pt. 1 "is replaced by" under par. 1 ". 3
. In para. 5 after the words "domestic legal entities and sole traders and foreign persons" insert "opening accounts abroad, issued by local entities securities abroad and / or purchase of securities without the mediation of a resident - an investment firm."

4. In para. 6 words "already provided by or on non-resident financial credit, local bank performs transfer order after verifying the declaration of financial credit" is replaced by "transaction, which is subject to declaration under par. 5 local bank performs transfer order after verifying the declaration of the deal. "
5. Paragraph 9 is amended as follows:
"(9) The persons under par. 1 can not grant other persons and institutions gathered from them information that is commercial, official or bank secrecy, unless this is provided for in another law. "
§ 4. In art. 8 make the following additions:
1. In para. 1 after the word "any" insert "local and foreign" and the words "balance of payments" insert "and international investment position."
2. In para. 2 after the word "Any" is added "local and foreign" and the words "balance of payments" insert "and international investment position." 3
. Created al. 3 and 4:
"(3) The Bulgarian National Bank has the right of access to sources of data maintained within the executive administration, public sector organizations, bodies of statistics and other state bodies and organizations and the Bulgarian Red Cross, securities depositories and notaries, as far as these data are necessary for the development, production and dissemination of European statistics.
(4) The Bulgarian National Bank determines the procedure for implementing this article in the ordinance of art. 7, para. 11. "
§ 5. In art. 10 be made the following amendments:
1. The title is amended as follows: "Accountability operations, receivables and payables."
2. In para. 1, 'quarterly' is replaced by 'operations and'. 3
. In para. 2 words "financial credit" shall be deleted.
4. A new paragraph. 3:
"(3) The Bulgarian National Bank may perform other regular periodic surveys to collect additional statistical information."
5. Former para. 3 becomes para. 4.
§ 6. In art. 10a be made the following amendments:
1. In para. 1, 'exports and imports subject to disclosure pursuant to Art. 11 levs, foreign currency in cash and bearer payment instruments "are replaced by" ported across the border cash, precious metals and precious stones and articles of them and declared in accordance with Art. 11, 11a, 11b, 14, 14a and 14b '.
2. Paragraph 3 is amended as follows:
"(3) Upon transfer of cash, precious metals and precious stones and articles with and from them across the border to be declared under art. 11, 11a, 11b, 14, 14a and 14b faces presented to customs declaration form approved by the Minister of Finance. "
Third. Create a new paragraph. 4 and par. 5:

"(4) The declarations shall be kept for a period of five years regardless of the medium used. The deadline starts from the beginning of the year following the year in which adopted the declaration concerned.
(5) The information in this article is collected and processed in accordance with Art. 17 of the Customs Act and the Law on Protection of Personal Data. "
4. Former para. 4 is repealed.
§ 7. A Art. 10b:
"Exchange of information
Art. 10b. (1) The customs authorities collected, processed and exchanged information received under Art. 10a.
(2) The customs authorities shall mutual assistance and exchange of information with the European Commission, Member - States of the European Union, other countries under existing international treaties to which Bulgaria is a party, as well as other governmental bodies within their competence on:
1. violations of currency legislation;
2. there are indications that transfers of funds related to money laundering and terrorist financing under the Law on Measures against Money Laundering Act and the measures against financing of terrorism; 3
. there are indications that transfers of funds are the proceeds of fraud or other illegal activity, adversely affecting the financial interests of the European Union.
(3) The exchange of information is carried out under the conditions in the manner laid down in Regulation (EC) № 515/97 of the Council of 13 March 1997 on mutual assistance between the administrative authorities of the Member States and cooperation between the latter and Commission to ensure the correct application of the law on customs and agricultural matters. "
§ 8. Article 11 is amended as follows:
" Transfer of funds in the country's border

Art. 11. (1) Individuals can carry across the border unlimited cash.
(2) The transfer of cash by mail is prohibited except for insured items.
(3) The transfer of cash by mail from the National Bank and banks in an order determined in accordance with Art. 14d. "
§ 9. An Art. 11:
"Transfer of cash across the border to or from a third party
Art. 11a. (1) The transfer of cash in the amount of € 10,000 or more or its equivalent in BGN or another currency or a third party be declared to customs.

(2) Upon transfer of funds amounting to 30 000 Levs or more or its equivalent in another currency across the border to a third country persons and provide a certificate from the competent territorial directorate of the National Revenue Agency for absence of obligations or a document certifying that the person is not registered in the National revenue Agency.
(3) When transferring the funds to a third party in the amount of 30 000 Levs or more or its equivalent in other currency foreign individuals declare before the customs authorities only the type and amount of transfers of cash when their value does not exceed previously declared cash.
(4) In cases of reasonable suspicion or evidence of illegal activities related to the transfer of funds amounting to less than € 10,000 or its equivalent in BGN or other currency, the customs authorities may carry out checks on individuals by requiring persons to provide information relating to these funds. Customs authorities officially enter the information in the register under Art. 10a.
(5) The obligation to declare under par. 1 is considered outstanding in refusing to declare or if the information is incorrect or incomplete. "
§ 10. A Art. 11b:
"Transfer of cash across the border to or from a Member - State of the Union
Art. 11b. (1) The transfer of cash in the amount of € 10,000 or more or its equivalent in BGN or other currency across the border to or from a Member - State of the Union shall be declared at the request of the customs authorities.
(2) Upon the transfer of funds to or from the state - member of the European Union, apply Art. 11a para. 4.
(3) The obligation to declare on demand at par. 1 is considered outstanding in refusing to declare or if the information is incorrect or incomplete. "
§ 11. In art. 12 para. 2 the word "determined" is replaced by "may determine in its sole discretion."
§ 12. In art. 13 be made the following amendments:
1. In para. 2, second sentence after the words "registry" is added "and for confirmation or issuance of certificate Certification Scheme Kimberley Process for the international trade in rough diamonds and for a physical inspection of consignments / batches of rough diamonds."
2. In para. 4, first sentence, the word "abroad" is replaced by "other country".
§ 13. In art. 14 is amended as follows:
1. The title is amended as follows: "Transfer of precious metals and precious stones and articles with and from them across the border."
2. Paragraph 1 shall be amended as follows:

"(1) Persons can carry across the border unlimited precious metals and precious stones and articles with and from them."
Third. In para. 2 words "Imports and exports" are replaced by "carrying across the border of the country" and the words "prohibited" is replaced by "prohibited".
4. Paragraph 3 is amended as follows:
"(3) The transportation of precious metals and precious stones and articles with and from them via mail from BNB and banks in an order determined in accordance with Art. 14d. "
§ 14. A Art. 14:
"Transfer of precious metals and precious stones and articles with and from them across the border to or from a third party
Art. 14a. (1) The transfer of precious metals and precious stones and articles with and from them across the border to or from a third party be declared to customs authorities in cases in the manner determined by the ordinance under Art. 14d.
(2) The obligation to declare under par. 1 is considered outstanding in refusing to declare or if the information is incorrect or incomplete. "
§ 15. created art. 14b, 14c and 14d:
"Transfer of precious metals and precious stones and articles with and from them across the border to or from a Member - State of the Union
Art. 14b. (1) The transfer of precious metals and precious stones and articles with and from them across the border to or from a Member - State of the Union shall be declared at the request of the customs authorities in cases in the manner specified by the ordinance under Art. 14d.
(2) The obligation to declare on demand at par. 1 is considered outstanding in refusing to declare or if the information is incorrect or incomplete.
Transfer of cultural monuments in the country's border
Art. 14c. Transfer across the border of objects of precious metals and precious stones and articles with and from them that are movable cultural property shall be permitted subject to the provisions of Chapter Six, Section VI of the Cultural Heritage Act and after customs declarations.
Ordinance enforcement regimes customs declarations
Art. 14d. The Minister of Finance shall issue a regulation on the implementation of Art. 10a Art. 11, para. 3, Art. 11, art. 11b Art. 14, para. 3, Art. 14a, 14b and 14c. "
§ 16. In art. 16 is amended as follows:
1. In para. 1, 'the export and import of levs and foreign currency in cash "are replaced by" carrying across the border of cash. "
2. In para. 2:
a) in the text before item. 1 the words "commercial banks" are replaced by "banks";
B) in item. 3 the word "foreign" is replaced by "other." 3
. In para. 3 pt. 1 the words "commercial banks" are replaced by "banks".
4. In para. 8, the words "Art. 11, para. 5 "are replaced by" Art. 11, para. 2 ".

§ 17. In art. 17 be made the following amendments:
1. In item. 1, letter "b" words "commercial banks" are replaced by "banks".
2. In item. 2 creates a new letter "a":
"a) carry out checks and compulsory collection of statistical information in accordance with Art. 6 of Regulation (EC) № 951/2009 of the Council of 9 October 2009 amending Regulation (EC) № 2533/98 concerning the collection of statistical information by the European Central Bank (OJ, L 269/1 of October 14, 2009 .). "
§ 18. In art. 18, para. 1, first sentence the words "Art. 11, para. 1, 2, 3, 4 or 5, Art. 14, para. 1 and 2 "are replaced by" Art. 11, para. 2 and 3, Art. 11a para. 1, 2 and 3, Art. 14, para. 2 and 3, Art. 14a para. 1 ".
§ 19. A Art. 18:
"Art. 18a. (1) Upon failure of art. 11b para. 3 and art. 14b para. 2 individuals shall be punished with fine from 1000 to 3000 Levs and legal persons or sole proprietors shall be imposed proprietary sanction from 2000 to 6000 Levs.
(2) For repeated violation under par. 1 faces a fine or a pecuniary penalty of double the amount originally imposed.
(3) The acts for establishing the offenses under par. 1 and 2 shall be issued by the customs authorities and the punitive decrees shall be issued by the Director of "Customs" Agency or authorized by officials. "
§ 20. In art. 19 is amended as follows:
1. In para. 5 words "Commercial Bank" is replaced by "Bank."
2. In para. 6 words "commercial bank" is replaced by "bank".
§ 21. In art. 20 be made the following amendments:
1. The previous text becomes para. 1 and is amended as follows:
"(1) The object of infringement under the transfer across the border cash, precious metals and precious stones and articles with and from them, shall be forfeited to the state, including when the offender can not be identified. "
2. A par. 2:
"(2) Paragraph 1 shall not apply to offenses under Art. 18a. "
§ 22. In § 1 of the additional provision be made the following amendments:
1. Point 2 is amended as follows:
"2. "Resident" for purposes of Art. 7, 8 and 10 residential units within paragraph. 1.30 of Chapter I of Annex A to Regulation (EC) № 2223/96 of the Council of 25 June 1996 on the European system of national and regional accounts in the Community. "
2. Point 3 is amended as follows:
"3. "Foreign person" for the purposes of Art. 7, 8 and 10 is any natural or legal person who does not qualify under p. 2; '. 3
. Points 4 and 5 are canceled.
4. Point 6 is amended as follows:
"6. "Cash" means:
a) currency - notes and coins in circulation as a means of exchange, and
b) payment instruments bearer. "
5. Point 10 is amended as follows:
"10. "Direct investment" is:

A) acquisition in the company of economic territory other than that of the investor rights partner with unlimited liability or equity, which entitles the 10 and over 10 percent of the votes in the General Assembly or the company's capital;
B) the establishment of a company economic territory other than that of the investor;
C) lending a direct investment in letters "a" and "b" or related to the agreement to participate in the distribution of profits;
D) additional investment to the investment under letter "a" or "b";
E) acquisition of real estate economic territory other than that of the investor; ".
6. Created t. 18, 19 and 20:
"18. "Carrying across the border of the country" is transportation across the state border of the Republic of Bulgaria, including by mail, cash, precious metals and precious stones and articles with and from them, and from another country - member of the European Union or imports and exports to and from a third country;
19. "Bop" is a statistical statement that reports, with the appropriate breakdown cross-border transactions for a certain period;
20. "International investment position" is a statistical statement that reports, with the appropriate breakdown, cross-border financial assets and liabilities at a certain date. "
Transitional and Final Provisions
§ 23. The Minister of Finance shall issue an ordinance under Art. 14d within two months of the entry into force of this Act.
§ 24. normative acts issued pursuant previous article. 6 para. 2, Art. 10a para. 4, Art. 11, para. 6 and Art. 14, para. 1 shall apply to the relevant new regulations as they do not contradict this law.
§ 25. In the Measures against Money Laundering (prom. SG. 85 of 1998 .; Amend. No.. 1 and 102 in 2001, pcs. 31 of 2003, SG . 103 and 105 of 2005, pcs. 30, 54, 59, 82 and 108 of 2006, pcs. 52, 92 and 109 of 2007, pcs. 16, 36, 67 and 69 of 2008 No.. 22, 23 and 93 of 2009, pcs. 88 and 101 in 2010, pcs. 16, 48 and 57 of 2011) is amended as follows:
1. In art. 6 para. 5 tons. 4 is amended as follows:
"4. collect information about their customers and maintain accurate and detailed records of their operations with money or valuables, including reports and documents under Art. 6 of the Foreign Exchange Act; ".
2. In art. 11b para. 1, 'the export and import of levs and foreign currency in cash "are replaced by" carrying across the border of cash. "
§ 26. The provisions of § 2 and § 25 pt. 1 will enter into force from January 1, 2012
law was adopted by the 41 th National Assembly on November 23, 2011 and was affixed with the official seal the National Assembly.
Chairman of the National Assembly Tsetska Tsacheva
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