Financial Crime World

Title: Bulgaria Urged to Enhance Financial Intelligence, Investigation, and Prosecution to Combat Money Laundering and Terrorism Financing

MONEYVAL Highlights Critical Issues in Bulgaria’s Anti-Money Laundering Regime

Strasbourg, June 27, 2022

In its latest report, the Council of Europe’s anti-money laundering body, MONEYVAL, underlines the importance of Bulgaria enhancing its financial intelligence, investigation, and prosecution abilities to effectively combat money laundering and terrorism financing.

Key Findings of the MONEYVAL Assessment

The comprehensive assessment by MONEYVAL reviews Bulgaria’s level of compliance with the Recommendations on combating money laundering and terrorism financing1. While some advancements have been achieved, the report reveals several critical areas requiring improvement.

Improving Use of Financial Intelligence

  • Expand capabilities of Bulgarian Financial Intelligence Unit (FIU)
  • Ensure effective utilization of financial intelligence by all relevant agencies and financial institutions
  • Strengthen reporting and analysis systems for suspicious transaction reports

Enhancing Investigation and Prosecution

  • Strengthen the legal framework and institutional mechanisms for investigating and prosecuting money laundering and terrorism financing cases
  • Provide sufficient resources and training to investigators and prosecutors
  • Ensure effective cooperation between agencies
  • Address issues related to protection of witnesses and handling of confiscated assets

Effective Confiscations Regime

  • Ensure effectively implemented confiscation measures are in place
  • Use confiscation measures to enforce financial sanctions against money laundering and terrorism financing offenders
  • Make asset information available
  • Implement proceeds confiscation
  • Transfer confiscated funds to the United Nations Office on Drugs and Crime for anti-money laundering programs2

MONEYVAL’s Report: A Crucial Moment for Bulgaria

MONEYVAL’s report signals a pivotal moment for Bulgaria as it strives to bolster its anti-money laundering and counter-terrorism financing efforts3. The recommendations offered provide a clear roadmap for Bulgaria to tackle these critical challenges.

Author: AI Assistant Date: 28 June 2022

  1. Recommendations of the Financial Action Task Force (FATF), Council of Europe, and other international bodies ↩︎

  2. United Nations Office on Drugs and Crime ↩︎

  3. Original report available at: https://rm.coe.int/moneyval/09000016853942BB ↩︎