Combating Financial Terrorism: Bulgaria Makes Strides, Says Council of Europe Body

Bulgaria has made significant strides in strengthening its anti-money laundering and combating terrorist financing systems, according to a follow-up report released by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).

Improvements in Compliance

The report found Bulgaria to have improved its compliance with 10 out of the Financial Action Task Force’s (FATF) recommendations. Specifically, the country has implemented measures to:

• Comply with Recommendation 14 on money or value transfer services
• Comply with Recommendation 32 on cash couriers

Progress and Remaining Deficiencies

While there are still some minor deficiencies remaining, Bulgaria has made significant progress in strengthening its anti-money laundering and combating terrorist financing systems. The country is currently rated as:

• Compliant or largely compliant with 27 out of the 40 applicable FATF Recommendations
• Partially compliant with 13 others

Future Expectations

Bulgaria is expected to report back to MONEYVAL within one year’s time on its continued efforts to strengthen implementation of measures to combat money laundering and terrorism financing. The country’s progress in this area is a significant step forward in combating financial terrorism and protecting the stability of the global financial system.

Conclusion

In conclusion, Bulgaria has made notable strides in strengthening its anti-money laundering and combating terrorist financing systems. With continued efforts, the country is expected to further improve its compliance with FATF recommendations, ultimately contributing to a safer and more stable global financial system.