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Financial Fraud Statistics in Bulgaria Reveal Improvement, Says Council of Europe Body
A recent report by MONEYVAL, a monitoring body of the Council of Europe, has concluded that Bulgaria has strengthened its measures to combat money laundering and financing of terrorism.
Improved Compliance with FATF Recommendations
The report found that Bulgaria has improved its compliance with 27 out of 40 applicable Financial Action Task Force (FATF) recommendations. Previously, Bulgaria was rated “partially compliant” in several areas, but has since made significant progress and is now considered “largely compliant”.
Upgrades to Money or Value Transfer Services and Cash Couriers
The country’s rating for Recommendations 14 and 32, which relate to money or value transfer services and cash couriers respectively, have also been upgraded from “partially compliant” to “compliant”.
Efforts to Strengthen Anti-Money Laundering and Combating Terrorist Financing Systems
The report noted that Bulgaria had taken numerous steps to strengthen its anti-money laundering and combating terrorist financing systems since the adoption of its mutual evaluation report in May 2022. These efforts included:
- Improving national cooperation and coordination
- Enhancing internal controls and supervision of financial institutions
Future Progress Report
Bulgaria is expected to report back to MONEYVAL within a year’s time on its progress in strengthening its implementation of measures to combat money laundering and terrorism financing.
No Non-Compliant Recommendations
The country currently has no recommendations for which it is non-compliant.
About MONEYVAL
MONEYVAL is responsible for evaluating the compliance of 33 states and territories with international standards to counter money laundering, terrorism financing, and proliferation of weapons of mass destruction. The body makes recommendations to national authorities on necessary improvements to their anti-money laundering and counter terrorist financing systems.
Access the Full Report
The full report can be accessed online at [insert link].