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Bulgaria Tightens Screws on Terrorism Financing, Money Laundering

In a significant boost to its efforts against terrorism financing and money laundering, Bulgaria has strengthened its preventive framework, according to a latest report by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).

Improved Compliance with FATF Recommendations

The report found that Bulgaria had improved its compliance with ten key recommendations issued by the Financial Action Task Force (FATF), including measures related to national cooperation and coordination, politically exposed persons, and transparency and beneficial ownership of legal arrangements.

Major Progress in Anti-Money Laundering and Counter-Terrorism Financing

Since the adoption of its mutual evaluation report in May 2022, Bulgaria has taken significant steps to strengthen its anti-money laundering and combatting terrorist financing systems. As a result, it is now compliant with Recommendations 14 on money or value transfer services and Recommendation 32 on cash couriers.

Remaining Minor Deficiencies

MONEYVAL noted that only minor deficiencies remain for other recommendations, where Bulgaria was previously rated “partially compliant”. The country has also reported progress on Recommendations 13 on correspondent banking and 15 on new technologies, although its rating remains “partially compliant”.

Overall Compliance Rating

In total, out of the 40 applicable FATF recommendations reviewed in the report, Bulgaria is now rated as “compliant” or “largely compliant” with 27 recommendations, and “partially compliant” with 13. There are no recommendations where Bulgaria is non-compliant.

Next Steps for the Bulgarian Government

The Bulgarian government has been tasked to report back to MONEYVAL within a year on its progress in strengthening implementation of measures to combat money laundering and terrorism financing.

About MONEYVAL

MONEYVAL is a monitoring body of the Council of Europe responsible for evaluating compliance with international standards against money laundering, terrorist financing, and proliferation of weapons of mass destruction. The organization evaluates 33 states and territories and provides recommendations to national authorities on necessary improvements to their anti-money laundering and counter-terrorist financing systems.

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