Bulgaria's Money Laundering Fight Gets Thumbs Up from Council of Europe

EU | May 28, 2024, Tuesday // 16:03|  views

A report by the Council of Europe's Commission, tasked with evaluating measures against money laundering and terrorist financing, highlights Bulgaria's progress in these areas. Presented alongside the 2022 assessment, the report indicates improvement across 10 out of 12 indicators, with no indicators showing a decline. Bulgaria will continue to be monitored, with another report due next year.

According to the report, Bulgaria has made strides in various aspects, including national inter-institutional cooperation, policy measures, supervision of financial institutions, and transparency in legal entity ownership. Progress has also been noted in areas such as the oversight of money or value transfer services, supervision of foreign company branches, and preparation of statistics.

Out of the 40 recommendations outlined in the 2022 report, Bulgarian legislation is now deemed compliant or largely compliant with 27 recommendations, and partially compliant with 13. Notably, there are no recommendations that Bulgaria has failed to implement, as per the announcement.

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Tags: Bulgaria, money laundering, Council of Europe


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