Financial Crime World

Title: MONEYVAL’s Recommendations for Bulgaria: Enhance Financial Intelligence and Combat Money Laundering & Terrorism Financing

Subheading: Council of Europe’s Anti-Money Laundering Body Identifies Areas for Improvement in Bulgaria

The anti-money laundering body of the Council of Europe, MONEYVAL, has published a report highlighting areas where Bulgaria needs to improve its measures against money laundering and terrorism financing.

Assessment of Bulgaria’s Compliance with FATF Recommendations

The report evaluates Bulgaria’s level of compliance with the Recommendations of the Financial Action Task Force (FATF) against money laundering (AML) and terrorist financing (CFT). The areas requiring significant improvements include financial intelligence, investigation and prosecution, confiscation proceedings, and a risk-based approach.

The report emphasizes the need for Bulgaria to address the absence of a legal framework for the transfer and utilization of Suspicious Transaction Reports (STRs) and other financial intelligence information. MONEYVAL advises Bulgaria to enact legislation and establish a Financial Intelligence Unit (FIU) in accordance with FATF’s recommendations.

Recommendations for Enhancements

  • Establish a Financial Intelligence Unit (FIU): Bulgaria must enact the necessary legislation to create an FIU complying with FATF standards.
  • Transfer and Utilization of Financial Intelligence: Establish a system to transfer and utilize financial intelligence, including STRs, effectively.

Investigation and Prosecution Capacities

  • Enhance investigative capacities: Bulgaria needs to improve its investigative capacities to handle complex and large-scale cases.
  • Framework for confiscation proceedings: Bulgariashould establish and sustain an adequate framework for confiscation proceedings.

Risk-Based Approach

  • Adopt a risk-based approach: Bulgaria needs to adopt and fully implement a risk-based approach that integrates AML and CFT risks into all areas of financial activity.

These recommendations are part of MONEYVAL’s ongoing efforts to evaluate anti-money laundering and countering financing of terrorism measures in Europe. The presentation of the findings will take place during a meeting in Strasbourg, where Bulgarian authorities will be invited to explain the measures taken to implement MONEYVAL’s recommendations.

Accessing the MONEYVAL Report on Bulgaria

You can access the MONEYVAL report on Bulgaria on the Council of Europe’s website.