Financial Crime World

Title: MONEYVAL Urges Bulgaria to Strengthen Its Financial Intelligence, Investigation, and Prosecution Mechanisms

The Council of Europe’s anti-money laundering body, MONEYVAL, has called on Bulgaria to enhance its efforts in utilizing financial intelligence, investigation, and prosecution to combat money laundering and financing of terrorism. In a new report, MONEYVAL outlines the comprehensive assessment of Bulgaria’s level of compliance with the Recommendations.

Key Takeaways from the Report

  • Bulgaria needs to make improvements in several areas, including:
    • Financial Intelligence Unit (FIU)
    • Investigation and Prosecution
    • Confiscations Regime
    • Targeted Financial Sanctions
    • Mutual Legal Assistance

Assessment of Bulgaria’s Level of Compliance

Financial Intelligence Unit (FIU)

The report recommends that Bulgaria should establish a well-resourced and effective FIU, capable of analyzing complex financial information and collaborating closely with law enforcement agencies and Financial Intelligence Units of other countries.

  • Establish a well-resourced and effective FIU
  • Analyze complex financial information
  • Collaborate with law enforcement agencies
  • Collaborate with FIUs of other countries

Investigation and Prosecution

Bulgaria needs to improve its investigative and prosecution capabilities, ensuring that suspected proceeds of crime are effectively seized and confiscated. A clear and robust legal framework is necessary to facilitate the confiscation of criminal assets.

  • Improve investigative and prosecution capabilities
  • Ensure effective seizure and confiscation
  • Establish a clear and robust legal framework

Confiscations Regime

The report calls for the strengthening of the confiscations regime by ensuring adequate measures are taken to establish the criminal origin of the proceeds and to safeguard the confiscated assets.

  • Strengthen confiscations regime
  • Establish criminal origin of the proceeds
  • Safeguard confiscated assets

Targeted Financial Sanctions

Bulgaria should implement targeted financial sanctions effectively by establishing a clear legal framework and ensuring relevant authorities have the necessary resources and expertise to monitor and enforce these sanctions.

  • Establish a clear legal framework
  • Ensure necessary resources and expertise

MONEYVAL encourages Bulgaria to enhance its mutual legal assistance capacity, making it easier for other countries to request and obtain crucial information in relation to criminal investigations.

  • Enhance mutual legal assistance capacity

About MONEYVAL

MONEYVAL is an inter-governmental anti-money laundering body of the Council of Europe, currently comprising 47 member states, aiming to promote standardization and implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing, and other forms of financial crime.