NGO and Private Sector Join Forces to Combat Money Laundering in Bulgaria
A new manual has been launched in Bulgaria aimed at simplifying the investigation of money laundering cases and strengthening cooperation between government agencies, non-governmental organizations (NGOs), and the private sector.
Simplifying Investigations
The manual, prepared by a group of major institutions involved in preventing money laundering, provides a comprehensive guide on how to identify and investigate common schemes of money laundering in various industries, including:
- Construction
- Real estate
- Agriculture
- Trade
- Tourism
According to experts, money laundering is often seen as a complex crime that requires specialized units to investigate. However, the Bulgarian experience has shown that even simple and primitive schemes persist in the country, making it possible for regular police officers or investigators to track them down.
Emphasis on International Transactions
The manual highlights the importance of international transactions, which can leave many more trails and clues for investigators to follow. It also emphasizes the need for joint operations involving multiple institutions and sectors to combat money laundering effectively.
Collaboration is Key
The manual’s main idea is that successful actions against money laundering require collaboration between government agencies, NGOs, and the private sector. The experience described in the manual demonstrates that small teams of representatives from different institutions or sectors can be an efficient tool for investigating money laundering cases.
Policy Recommendations
The manual recommends:
- That any investigation into a crime that generates a significant amount of money should include simultaneous tracking of the money.
- That performance reviews of officials from the Ministry of Interior, State Agency for National Security (SANS), and the National Investigation Service should include additional monitoring on frequency and methods used by investigators to combine predicate crimes with money laundering investigations.
The manual also highlights the importance of:
- Training staff in various law enforcement agencies
- Developing mechanisms for cooperation between state bodies, NGOs, and the private sector