Combating Financial Terrorism in Bulgaria: A Significant Step Forward
Bulgaria has taken a major step forward in its efforts against financial terrorism by strengthening its preventive framework to combat money laundering and financing of terrorism, according to a recent report by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).
Progress in Implementing FATF Recommendations
The report found that Bulgaria has improved its compliance with 27 out of the 40 Financial Action Task Force (FATF) Recommendations, marking significant progress in tackling money laundering and combating terrorist financing. The country has taken numerous steps to strengthen its anti-money laundering and counter-terrorism financing systems since the adoption of its mutual evaluation report in May 2022.
Key Areas of Progress
Bulgaria is now compliant with two key FATF Recommendations:
- Those on money or value transfer services
- Cash couriers
The country’s rating has also been upgraded from “partially compliant” to “largely compliant” for several other recommendations. While there are still some minor deficiencies, the country’s progress in implementing measures to combat money laundering and terrorist financing is notable.
MONEYVAL Praises Bulgaria’s Efforts
MONEYVAL praised Bulgaria’s efforts, noting that the country has reported progress on several key areas, including:
- Correspondent banking
- New technologies
The organization also acknowledged Bulgaria’s commitment to continuing to strengthen its anti-money laundering and counter-terrorism financing systems, with plans to report back within one year on further progress.
Bulgaria’s Commitment to Combating Financial Terrorism
Bulgaria is among 33 countries and territories monitored by MONEYVAL, which evaluates compliance with international standards to combat money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction. The organization makes recommendations to national authorities to improve their anti-money laundering and counter-terrorism financing systems.
The Bulgarian government’s efforts to strengthen its preventive framework against financial terrorism are a significant step forward in protecting the country’s financial system from abuse by criminal organizations and terrorists. As Bulgaria continues to work towards full compliance with international standards, it is an important example of the commitment to combating financial terrorism in Europe.