Financial Crime World

Bulgaria Strengthens Anti-Money Laundering Measures, Says Council of Europe Body

Bulgaria has made significant progress in implementing measures to combat money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction. This is according to a recent report by MONEYVAL, a monitoring body of the Council of Europe.

Compliance with FATF Recommendations

The report found Bulgaria to have strengthened its compliance with ten Financial Action Task Force (FATF) Recommendations, including those on:

  • National cooperation and coordination
  • Politically exposed persons
  • Money or value transfer services
  • Internal controls
  • Foreign branches and subsidiaries

Bulgaria has also improved its regulation and supervision of financial institutions, as well as its powers of supervisors.

Progress and Upgrades

Since the adoption of MONEYVAL’s mutual evaluation report in May 2022, Bulgaria has taken numerous steps to strengthen its anti-money laundering and counter-terrorist financing systems. As a result:

  • The country is now compliant with FATF Recommendations 14 on money or value transfer services and 32 on cash couriers.
  • Minor deficiencies remain for other Recommendations, but the country’s rating has been upgraded from “partially compliant” to “largely compliant”.

Overall Rating

Out of the 40 applicable FATF Recommendations evaluated in the report, Bulgaria is rated as:

  • “Compliant” or “largely compliant” with 27
  • “Partially compliant” with 13
  • No non-compliance ratings

Future Report

Bulgaria is expected to report back to MONEYVAL within one year on its progress in strengthening its implementation of measures to combat money laundering and terrorism financing.

About MONEYVAL

MONEYVAL is a monitoring body entrusted with the task of assessing compliance with international standards to counter money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction. The organization evaluates 33 states and territories and makes recommendations to national authorities on necessary improvements to their anti-money laundering and counter-terrorist financing systems.