Title: Bulgaria Urged to Strengthen Financial Intelligence, Investigation, and Prosecution to Combat Money Laundering and Terrorism Financing
MONEYVAL Publishes Assessment Report on Bulgaria’s Compliance with AML/CFT Recommendations
Bulgaria has received a call to action from the Council of Europe’s anti-money laundering body, MONEYVAL, following the publication of a comprehensive assessment report on the country’s level of compliance with Recommendations against Money Laundering and the Financing of Terrorism.
Concerns Regarding Bulgaria’s Use of Financial Intelligence, Investigation, and Prosecution
The report underscores concerns regarding Bulgaria’s use of financial intelligence, investigation, and prosecution, confiscations regime, and other measures in the fight against money laundering and terrorist financing. MONEYVAL urges Bulgarian authorities to take immediate corrective actions and implement necessary improvements in these areas.
Shortcomings Identified in the Assessment
Despite progress made in certain areas, the assessment reveals significant shortcomings. The call to action comes as Bulgaria faces increasing challenges in the fight against crime, including organized crime, cybercrime, the counterfeiting of medical products, and trafficking in human beings.
Recommendations from MONEYVAL to Address Identified Issues
To address these issues, MONEYVAL recommends that Bulgaria adopt a more risk-based approach to financial intelligence and enhance the capacity and resources available to its Financial Intelligence Unit (FIU). Bulgarian authorities should also strengthen cooperation among different agencies and promote greater transparency and public awareness of money laundering and terrorist financing risks.
Importance of Continuous Improvements
MONEYVAL’s assessment and recommendations highlight the importance of continuous efforts to improve anti-money laundering and counter-terrorism financing measures. With ongoing cooperation from Bulgarian authorities, the country can work towards enhancing its financial sector’s security and integrity.
Key Recommendations
- Adopt a more risk-based approach to financial intelligence
- Enhance the capacity and resources available to the Financial Intelligence Unit (FIU)
- Strengthen cooperation among different agencies
- Promote greater transparency and public awareness of money laundering and terrorist financing risks.