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Financial Crime Investigation Techniques in Bulgaria: Experts Discuss Strategies for Improvement
Bulgaria’s efforts to combat money laundering and other financial crimes have been met with mixed results, according to experts who gathered at a recent roundtable discussion. The event, organized by the Center for the Study of Democracy, brought together representatives from law enforcement agencies, the judiciary, and international organizations to assess Bulgaria’s progress in investigating and combating money laundering.
Combating Money Laundering Requires a Systematic Approach
The participants agreed that combating money laundering requires a systematic approach to collecting and analyzing financial information related to organized crime groups, as well as a deeper understanding of the legal framework and strengthening of capacity within relevant law enforcement structures. The experts noted that while Bulgaria’s legislation is largely in line with European and international norms, its practical application has been lacking, resulting in limited tangible results.
Challenges and Concerns
Despite some positive developments, including an increase in the number of money laundering signals sent to the Specialized Administrative Directorate “Financial Intelligence” at the State Agency for National Security, the effectiveness of anti-money laundering measures remains a concern. For example:
- In 2015, only four persons were sentenced for money laundering compared to 444 for drug trafficking and 88 for tax-related crimes.
Recommendations for Improvement
Experts emphasized that institutional capacity, including funding and qualified human resources, is critical for improving the prevention and investigation of financial crimes. They also stressed the importance of:
- Intra-institutional cooperation at all levels
- International collaboration with foreign organizations and intelligence units
To improve the effectiveness of anti-money laundering efforts, participants recommended that:
- Procedures leading to confiscation of illegally obtained assets should start as early as possible and run parallel to criminal proceedings.
- National bodies should be effectively organized and structured to avoid duplication of functions and competition between institutions.
A Comprehensive Approach to Combating Financial Crime
The roundtable discussion highlighted the need for a comprehensive approach to combating financial crime in Bulgaria, including:
- Strengthening institutional capacity
- Improving cooperation and collaboration
- Enhancing the effectiveness of anti-money laundering measures
By adopting these strategies, Bulgaria can improve its efforts to combat money laundering and other financial crimes.