Bulgaria’s Financial Intelligence Unit Boosts Operational Analysis Function with Council of Europe Support

Enhanced Capabilities for Financial Intelligence

A two-day training session was held in Sofia, Bulgaria from July 4-5, organized by the Council of Europe’s Economic Crime and Cooperation Division. The event aimed to enhance the operational analysis function of Bulgaria’s Financial Intelligence Directorate under the State Agency for National Security (FID-SANS). A total of 17 representatives from FID-SANS participated in the comprehensive training program.

International Cooperation and Expertise

The training was conducted in cooperation with Malta’s Financial Intelligence Analysis Unit (FIAU), which provided two experts to share their practical experience and best practices with Bulgarian counterparts. The event kicked off with an overview of the main objectives of financial intelligence, including information dissemination at national and international levels.

Key Topics Covered

• The different stages of processing and prioritization of suspicious transaction reports and suspicious activity reports
• Priority evaluation mechanisms
• Identification of targeted intelligence relevant for domestic or foreign counterparts
• Intelligence requiring further in-depth analysis
• Use of templates
• Simultaneous handling of multiple reports
• Dissemination of information to national and foreign counterparts
• Open-source intelligence (OSINT)

Analytical Process and Case Studies

The second day of the training focused on the analytical process required at the operational stage of analysis. Bulgarian authorities were introduced to techniques for sourcing information from national and foreign stakeholders, compiling useful intelligence packages for law enforcement, and group discussions on several case studies.

Objectives and Outcomes

The event aimed to support Bulgaria’s financial authorities in addressing recommendations provided in the Fifth Round Mutual MONEYVAL Evaluation Report and ensure the continuity of technical assistance provided by the Council of Europe to Bulgarian competent authorities. The training is expected to enhance the capabilities of FID-SANS in conducting operational analysis, ultimately contributing to more effective detection and prevention of financial crimes.

Key Takeaways

• Enhanced understanding of financial intelligence objectives and priorities
• Improved skills in processing and prioritizing suspicious transaction reports and activity reports
• Familiarity with best practices for use of templates and simultaneous handling of multiple reports
• Knowledge on sourcing information from national and foreign stakeholders
• Ability to compile useful intelligence packages for law enforcement
• Improved analytical capabilities for financial intelligence analysis