Bulgaria Takes Steps to Strengthen Anti-Money Laundering and Counter-Terrorism Financing Measures

Strategic Insights -

The Bulgarian government has made significant progress in combating money laundering and terrorist financing, with the country now meeting 32 recommendations set by the Financial Action Task Force (FATF) and committing to eight more. Minister of Justice Georgi Georgiev met with international officials in Strasbourg to discuss Bulgaria's efforts to remove itself from the "grey list" of countries that have not yet fully addressed anti-money laundering and counter-terrorism financing concerns. Georgiev emphasized that the government is working to implement new legislative changes, including amendments to five statutory instruments, to improve the country's systems for combating financial crimes.

Key Takeaways:

  • The Bulgarian government has made significant progress in combating money laundering and terrorist financing, meeting 32 out of 40 FATF recommendations.
  • The country has committed to implementing eight additional recommendations set by FATF.
  • Minister Georgi Georgiev met with international officials in Strasbourg to discuss Bulgaria's efforts to remove itself from the "grey list" of countries that have not yet fully addressed anti-money laundering and counter-terrorism financing concerns.
  • The government has approved three legislative packages containing measures to support efforts to remove Bulgaria from the "grey list" in line with international standards.
  • One of the packages aims to expand the scope of criminal prosecution for terrorism and introduce measures against the bribery of foreign officials.
  • The Council of Ministers has approved and submitted for parliamentary vote legislative changes addressing the confiscation of assets acquired from crime by third-party bad-faith actors.
  • The Ministry of Justice is working to implement the National Recovery and Resilience Plan in the area of legislative changes for judicial reform and anti-corruption measures.
  • The government aims to meet the recommendations in the shortest possible time, and this is already appreciated by Bulgaria's international partners.

Statistics:

  • Bulgaria has met 32 out of 40 FATF recommendations (_Source: FATF recommendations_).
  • The Bulgarian government has committed to implementing eight additional FATF recommendations (_Source: FATF recommendations_).
  • The government has approved three legislative packages to support efforts to remove Bulgaria from the "grey list" (_Source: Ministry of Justice statement_).
  • One of the packages aims to expand the scope of criminal prosecution for terrorism and introduce measures against the bribery of foreign officials (_Source: Ministry of Justice statement_).
  • The Council of Ministers has approved and submitted for parliamentary vote legislative changes addressing the confiscation of assets acquired from crime by third-party bad-faith actors (_Source: Ministry of Justice statement_).
  • The Ministry of Justice is working to implement the National Recovery and Resilience Plan in the area of legislative changes for judicial reform and anti-corruption measures (_Source: Ministry of Justice statement_).

Sources:

  • Ministry of Justice statement
  • FATF recommendations
  • Council of Europe, Security, Integrity and Rule of Law