Improvement in compliance with 10 of the FATF recommendations
Bulgaria has been praised by the European Council’s MONEYVAL, monitoring body for improving the anti-money-laundering (‘AML’) and counter-terrorist-financing (‘CTF’) measures in the country. According to a recent enhanced follow-up report by MONEYVAL, Bulgaria has improved its compliance with 10 of the Financial Action Task Force’s (‘FATF’) recommendations, including those on national cooperation and coordination, transparency and beneficial ownership of legal arrangements, regulation and supervision of financial institutions.
Since MONEYVAL’S first mutual evaluation report in May 2022, Bulgaria has demonstrated significant commitment to strengthening its AML and CTF systems. Out of 40 applicable FATF recommendations analyzed by MONEYVAL, Bulgaria is currently compliant or largely compliant with 27 recommendations and partially compliant with 13 recommendations.
Bulgaria is expected to provide an update on its progress in further enhancing its AML and CTF measures within one year.
