Bulgarian Industrial Capital Association (BICA) and the Prosecutor’s Office of the Republic of Bulgaria signed a memorandum of cooperation. The document was officially signed today by the Chairman of the Board of BICA Vassil Velev and the Chief Prosecutor Ivan Geshev. The purpose of the agreement is for the two organizations to partner in the development and implementation of comprehensive measures to prevent, identify and sanction violations of regulations in all areas of the economy.

It is extremely important for BICA not only to establish the existence of gray practices and to identify illegal actions in the field of energy, construction, transport, licensing and other regulatory regimes, but also to punish violators with a view to deterrence and prevention. The gray economy, corrupt practices and the lack of investment security are among the main factors holding back the growth of the Bulgarian economy. BICA can and is ready to provide assistance to the Prosecutor’s Office with an objective and competent analysis of activities in various sectors of economic life in the country.

BICA will alert the Prosecutor’s Office in case of irregularities that raise suspicion of illegal activity such as corruption, homelessness in public enterprises that are state or municipal property, market manipulation in electricity trade, theft of enterprises, draining of public funds through misuse and abuse of receiving inherited unemployment and sickness benefits, issuing decisions of the bodies of medical expertise in establishing the ability to work, the type and degree of disability of persons in violation of regulations, etc.

The memorandum also states that good European and world practices in the fight against corruption, money laundering and tax crimes will be studied and applied. And the parties will annually review the implementation of this memorandum.