site.btaState Steps Up Anti-Money Laundering Efforts

The State will take further measures to progress the implementation of enhanced monitoring by the Financial Action Task Force [an intergovernmental agency set up to prevent money laundering], the Coordination and Cooperation Council for the Implementation of the National Mechanism for Policy Making and Coordination in the Field of Anti-Money Laundering and Combating the Financing of Terrorism decided on Monday during its first meeting, as reported by the Cabinet press centre.

The members of the Council, chaired by Prime Minister Nikolay Denkov, discussed the implementation of the measures approved by the Cabinet in December 2022 for the implementation of the recommendations of the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).

Bulgaria's progress in implementing the MONEYVAL recommendations will be reviewd at the end of August in Tirana.

A national strategy against money laundering and terrorist financing will be adopted within a week as part of the measures against putting Bulgaria under increased monitoring by the Financial Action Task Force (FATF). An update of the Action Plan to mitigate the risks of money laundering and terrorist financing is foreseen by the end of September. The final FATF assessment will be presented in October.