Bulgaria Makes Strides in Combating Money Laundering and Terrorism Financing, Says MONEYVAL Report

The Council of Europe’s MONEYVAL committee has released a recent report praising Bulgaria for its significant progress in strengthening its efforts to combat money laundering and the financing of terrorism. The country has made notable strides in implementing key recommendations from the Financial Action Task Force (FATF), a global standard-setter in anti-money laundering and combating the financing of terrorism.

Improved Systems for Preventing Financial Crimes

According to the report, Bulgaria has improved its systems to prevent financial crimes since May 2022. Specifically, the country has made significant progress in areas such as:

• Money Transfer Services: Bulgaria was initially rated “partially compliant” but has been upgraded to “largely compliant”, indicating that only minor issues remain to be addressed.
• Cash Couriers: Similar to money transfer services, Bulgaria has improved its systems for cash couriers, with a notable upgrade from “partially compliant” to “largely compliant”.

Progress in Implementing Recommendations

Bulgaria has also made notable progress in implementing recommendations on:

• Correspondent Banking: Although the country still falls short of fully complying with these requirements, it has made significant strides in this area.
• New Technologies: Bulgaria has improved its systems for combating financial crimes through new technologies, although there is still room for improvement.

Overall Performance

Despite some areas where Bulgaria still needs to improve, the country’s overall performance has improved significantly. Of the 40 applicable FATF recommendations assessed by MONEYVAL, 27 have been deemed compliant or largely compliant. Thirteen recommendations remain partially compliant.

Commitment to Combating Financial Crimes

The report highlights Bulgaria’s commitment to combating money laundering and terrorism financing, with no guidelines that it does not follow. As part of its membership in the Council of Europe, Bulgaria has been mandated to submit a comprehensive report within one year outlining its efforts to reinforce measures aimed at preventing financial crimes. The report will provide further insight into the country’s progress in this area.

Conclusion

In conclusion, Bulgaria’s recent report shows significant strides in combating money laundering and terrorism financing. While there is still work to be done, the country’s commitment to these efforts is evident. We look forward to seeing continued progress in this area.