Bulgaria Bolsters Efforts to Combat Financial Crime
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has released a follow-up report highlighting Bulgaria’s significant progress in strengthening its preventive framework to combat money laundering and financing of terrorism.
Improved Compliance with FATF Recommendations
The report notes that Bulgaria has made significant strides in complying with 10 key recommendations set forth by the Financial Action Task Force (FATF). Notably, the country is now compliant with FATF Recommendations 14 on money or value transfer services and 32 on cash couriers. Additionally, minor deficiencies remain for other recommendations.
Upgraded Rating
Bulgaria’s rating has been upgraded to “largely compliant” from “partially compliant” in several areas, including national cooperation, coordination, and supervision of financial institutions.
Progress and Deficiencies
Out of the 40 applicable FATF Recommendations evaluated by MONEYVAL, Bulgaria is now rated as “compliant or largely compliant” with 27 recommendations. However, 13 remain partially compliant. The country has reported some progress on Recommendations 13 and 15 related to correspondent banking and new technologies, but its rating remains “partially compliant”.
Future Plans
Bulgaria is expected to submit a follow-up report to MONEYVAL within the next year, outlining its plans to further strengthen its implementation of measures to combat money laundering and terrorism financing.
About MONEYVAL
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe that assesses compliance with international standards to counter money laundering, terrorist financing, and proliferation financing. MONEYVAL evaluates 33 states and territories and makes recommendations to national authorities for necessary improvements to their anti-money laundering and counter-terrorist financing systems.
Key Takeaways
- Bulgaria has strengthened its preventive framework to combat money laundering and financing of terrorism
- The country is now compliant with FATF Recommendations 14 on money or value transfer services and 32 on cash couriers
- Bulgaria’s rating has been upgraded to “largely compliant” in several areas, including national cooperation, coordination, and supervision of financial institutions
- The country will submit a follow-up report to MONEYVAL within the next year outlining its plans for further improvement