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Bulgaria Makes Progress in Strengthening Anti-Corruption Measures in Finance
In a significant step towards tackling corruption, Bulgaria has made progress in addressing some of the technical compliance deficiencies identified in its Mutual Evaluation Report (MER). The country has successfully upgraded several Recommendations from Partially Compliant to Largely Compliant and Compliant, demonstrating its commitment to strengthening its anti-money laundering and combating financing of terrorism (AML/CFT) measures.
Progress and Commitment
The Financial Action Task Force (FATF), a global standard-setting body for AML/CFT, conducted an on-site visit in September 2021 to assess Bulgaria’s implementation of the FATF Recommendations. The report highlights Bulgaria’s progress in addressing deficiencies in areas such as:
- Customer due diligence
- Reporting and record-keeping
- Cross-border cooperation
“Bulgaria has demonstrated its commitment to improving its AML/CFT regime by addressing several technical compliance deficiencies,” said a FATF spokesperson. “These improvements are essential for maintaining the integrity of the financial system and preventing illicit activities.”
The Importance of FATF Recommendations
The FATF Recommendations are a set of international standards designed to prevent criminal abuse of the financial system, including:
- Money laundering
- Terrorist financing
- The financing of proliferation
The organization conducts peer reviews of its member countries on an ongoing basis to assess levels of implementation of these measures.
Bulgaria’s Progress and Future Outlook
Bulgaria’s progress in strengthening its AML/CFT regime is a significant step towards enhancing transparency and integrity in the country’s financial sector. The FATF will continue to monitor Bulgaria’s progress and provide guidance and support as needed.
About the FATF
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The Financial Action Task Force (FATF) is an independent inter-governmental body that sets standards and promotes effective implementation of measures to combat:
- Money laundering
- Terrorist financing
- Other related threats
Its 37 member countries work together to develop and implement robust anti-money laundering and combating financing of terrorism measures.