The Bulgarian National Bank (BNB) is powerless to protect the banking system of Bulgaria from individuals with sanctions imposed under the "Magnitsky Act", justifying itself with the "lack of explicit regulatory regulation" in the national legislation, "We Continue the Change" states.
The party points out that this became known from the BNB's response to an official request for information from the leader of "We Continue the Change" Assen Vassilev on how the Central Bank monitors compliance with restrictive measures against persons included in the sanctions list of the Office of Foreign Assets Control (OFAC) of the US Treasury Department, including Delyan Slavchev Peevski. Attached to the media release from “We continue the change“ are Assen Vassilev's letter to the BNB, the Central Bank's response, and a press release from the Central Bank dated June 11, 2021.
In his letter to the BNB, Assen Vassilev recalls a press release from the Central Bank dated June 11, 2021, according to which the BNB applies restrictive measures to transactions and operations under the Anti-Money Laundering Measures Act. According to the Central Bank's announcement, all banks in the country with open accounts and business relationships with the above-mentioned persons have already taken measures, including blocking accounts and cards, imposing garnishments and closing accounts.
The BNB's response to Vassilev explains that the aforementioned press release describes the current legal framework within which the BNB and banks in the country take into account the consequences of the restrictive measures imposed by third countries. The need for a national legislative solution is emphasized, given the lack of explicit regulatory regulation.
The BNB also points out that banks independently make decisions on their contractual relationships with clients and assess the risk in accordance with the Anti-Money Laundering Measures Act. The BNB is not a party to these relationships and has no authority to order the opening or closing of accounts. Regarding data on balances and account transactions, the BNB notes that they constitute banking secrecy, accessible only under the Credit Institutions Act.
According to “We continue the change“, the BNB has sufficient authority within its supervisory functions as a regulator of the banking sector to issue instructions to banks to take actions that reduce the risk to depositors' money. By refusing to exercise these powers, the BNB de facto allows individuals such as Delyan Peevski, included in the “Magnitsky“ sanctions list for corruption, to carry out any operations in the country, thus threatening the affected banks with sanctions and the risk of bankruptcy, the party points out.
In addition, the political force recalls that on May 22, 2025, “We continue the change - Democratic Bulgaria“ have submitted proposals for legislative amendments that would apply the sanctions under the “Magnitsky“ Act in our country.
"After the BNB's sloppy response, “We continue the change“ is firmly determined to continue protecting the security of the banking system in Bulgaria. After the country's Central Bank refuses to take measures, we will refer the case to the European Central Bank“, the party stated.
In early August, Assen Vassilev announced that he had submitted a letter to the BNB with questions about Municipal Bank. It refers to BNB instructions from 2021 that Bulgarian banks should not work with persons sanctioned under the “Magnitsky“ Act, and according to data from the Central Election Commission, “DPS Novo nacholu“ works with Municipal Bank.