Moneyval Gives Bulgaria AML Seal of Approval

Bulgaria has made significant strides in enhancing its anti-money laundering and counter-terrorism financing framework, according to a recent report by the Moneyval Committee.

Bulgaria has fully complied with 13 out of 40 Financial Action Task Force (FATF) recommendations by Moneyval.

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The Moneyval Committee, also known as the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, serves as a permanent monitoring body of the Council of Europe. In 2022, the oversight body published a critical assessment of Bulgaria’s inadequate anti-money laundering policies. It then placed the country under a compliance enhancement procedure designed to help countries rectify AML failings.

However, the committee has now ruled that Bulgaria has achieved compliance with global standards by strengthening its AML regulations and improving supervision of the gambling sector.

AML Efforts since 2022

Based on Moneyval’s assessment, Bulgaria has fully or significantly complied with 13 out of 40 applicable Financial Action Task Force (FATF) recommendations. Additionally, the company has demonstrated at least some level of compliance with the remaining 27 recommendations.

Some of the areas in which the Balkan nation has achieved full compliance include customer due diligence for designated non-professional businesses and professions (DNFBs). This includes sectors like gambling and casinos, real estate agents, and legal services.

More Regulation News

Bulgaria Establishes AML Unit

Last year, Bulgaria’s National Revenue Agency (NRA) established a dedicated AML unit to bolster anti-money laundering efforts.

This specialized unit enforces stringent measures, including customer due diligence, document collection, and risk assessments to detect and prevent money laundering and terrorist financing.

Additionally, it monitors and reports suspicious activities, transactions, and customers and partners with international authorities to share vital information and combat cross-border financial crimes.


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