Title: Bulgaria Strengthens Financial Reporting Requirements to Combat Financial Crimes

Subtitle: Latest Updates on Bulgaria’s Fight Against Money Laundering, Terrorism Financing, and Weapons of Mass Destruction

Bulgaria has responded to recommendations from the Moneyval assessment by strengthening its financial crime reporting requirements. This commitment to combating money laundering, terrorism financing, and financing of weapons of mass destruction is evidenced by the following updates.

Bulgaria’s Progress in Addressing Financial Crimes

The Financial Action Task Force (FATF) has recognized Bulgaria’s efforts in the Mutual Evaluation Report.
Bulgarian authorities were encouraged to deepen their understanding of risk and regulatory frameworks.

Strengthening the Financial Reporting System

The Bulgarian Financial Supervision Commission (FSC):
- Announced new rules for financial institutions.
- Requires thorough evaluation of clients and transactions.
- Expected to increase transparency and difficult for criminals to use Bulgaria as a conduit.
The Bulgarian National Bank:
- Enhancing anti-money laundering and terrorist financing controls.
- Collaborating with authorities for effective monitoring and reporting.
- Implementing risk-based approaches for supervising financial institutions.
Bulgarian Ministry of Economy and Industry:
- Plans to establish a single registry for beneficial owners.
- Intended to provide access to true controllers of business entities.
- Complies with the EU’s Fourth Anti-Money Laundering Directive.

Bulgaria’s Adaptation to International Standards

Bulgaria’s ongoing efforts to adapt to international standards: FATF will continue monitoring the country’s progress.

Conclusion

Bulgaria’s recent reforms are an integral part of its commitment to combating financial crimes.
These changes are anticipated to bring significant improvements in Bulgaria’s financial system.
Greater transparency and security are expected as a result of these measures.