Bulgaria Enhances Measures to Combat Financial Crimes and Terrorism Financing, Says Council of Europe Body

Strengthening Preventive Framework

A follow-up report released by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has concluded that Bulgaria has strengthened its preventive framework to combat money laundering and terrorism financing. The report found significant progress in the country’s compliance with ten of the Financial Action Task Force’s (FATF) Recommendations, including those related to national cooperation and coordination, politically exposed persons, and transparency.

Compliance with FATF Recommendations

Since the adoption of its mutual evaluation report in May 2022, Bulgaria has taken numerous steps to enhance its anti-money laundering and combating terrorist financing systems. The country is now compliant with FATF Recommendations:

• 14 on money or value transfer services
• 32 on cash couriers

While minor deficiencies remain for other recommendations, Bulgaria’s rating has been upgraded to “largely compliant” in several areas.

Overall Rating

According to the report, Bulgaria is currently rated as:

• Compliant or largely compliant with 27 out of 40 applicable FATF Recommendations
• Partially compliant with 13 others
• No non-compliant ratings

Future Progress

The Bulgarian government is expected to report back to MONEYVAL within a year on its progress in strengthening its implementation of measures to combat money laundering and terrorism financing. The Council of Europe’s monitoring body evaluates 33 states and territories and makes recommendations to national authorities to improve their anti-money laundering and counter terrorist financing systems.

Conclusion

Bulgaria’s efforts to enhance its financial crime prevention framework are seen as a significant step forward in the fight against financial crimes and terrorism financing.