Bulgaria

New Documents

Moneyval Releases Fifth Report Concerning AML/CTF Efforts in Bulgaria

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism assessed Bulgaria’s compliance efforts with its anti-money laundering and counterterrorist financing obligations.

June 27, 2022

GRECO Announces Evaluation Visit to Bulgaria

The Council of Europe’s Group of States against Corruption announced that evaluators visited Bulgaria from May 30 to June 3, 2022, carrying out the assessment of the country’s framework to prevent corruption in law enforcement agencies and the central government.

June 6, 2022

Five European Ministries Issue Statement About Russia

May 31, 2022

Five EU Nations Withdraw Participation from IBEC, IIB

April 29, 2022

IMF Welcomes Bulgarian Efforts to Fight Corruption, Improve Governance

April 25, 2022

News

Bulgaria’s AML Regime Failing on All Sides: Moneyval

Bulgaria faces an uphill battle to avoid inclusion on a global watchlist of countries with weak anti-money laundering regimes after an intergovernmental group concluded that its defenses against financial crime are failing in every regard.

June 27, 2022

Weekly Roundup: BVI Leader’s Arrest Complicates Global AML Assessment, Treasury Targets Cryptocurrency Mixer, and More

Accused NatWest money launderer stands trial, pressure builds on EY in Germany, and more, in the weekly roundup.

May 6, 2022

Weekly Roundup: Estonia Probes Swedbank for AML Breaches, ECB Shutters Russian-Linked Lender in Cyprus, and More

March 25, 2022

Weekly Roundup: Swedbank Hid Mossack Fonseca Links, Deutsche Bank Weighs Compliance Against Bottom Line, and More

January 21, 2022

Weekly Roundup: White House Wants FinCEN Budget Boost, Wirecard Fugitive Tied to New Alleged Fraud Scheme, and More

April 9, 2021

Enforcement Actions

0 Items Found

Key Documents

Bulgaria Releases Amended Version of AML Law

June 12, 2012

Bulgaria Issues Updated Law Against Financing of Terrorism

May 18, 2012

Bulgaria Issues Rules to Implement Law Against Money Laundering

August 1, 2006

Bulgaria Identifies Internal AML Rules for 32 Categories of Reporting Persons

August 2, 2012

Bulgarian Regulator Provides Guidance on AML/CTF Reporting

August 2, 2012

Bulgarian Regulator Issues AML/CTF Guidance to Prevent Misuse of New Technologies, Products

August 2, 2012

Important Facts

  • The U.S. State Department identifies Bulgaria as a jurisdiction of concern. Bulgaria is vulnerable to money laundering due to the country's prevalent use of cash transactions and the persistent problems with the rule of law. Laundered funds are derived primarily from domestic and foreign criminals engaging in human or drug trafficking, smuggling, tax fraud, cybercrime and the trade of contraband goods, including cigarettes, alcohol and fuel. Industries that often fall prey to laundering activities include tourism, gaming, retail, construction, healthcare and energy. Large-scale tax evasion has grown, especially evasion of value-added tax and excise duties. Bulgarian criminals often establish small businesses to hide laundered funds, increasingly in offshore territories. Casinos, night clubs, car dealerships, metal scrap collectors and shopping centers are common businesses associated with hiding laundered funds in Bulgaria. Public corruption remains a serious problem. In addition, domestic banks are more vulnerable than international banks due to less oversight and the use of riskier portfolios.
  • KYC Covered Entities: Banks, money exchangers, insurance companies, investment funds, notaries, gaming businesses, securities dealers, real estate brokers, political parties, sports clubs, nonprofit organizations (NPOs), lawyers, auditors, and accountants
  • STR Covered Entities:  Banks and money exchangers; insurance companies; investment funds; gaming businesses; securities dealers and company service providers; real estate brokers; political parties, professional organizations, and trade unions; sports clubs; NPOs; dealers of autos, arms, petrol, and petrochemical products; accountants, notaries, and lawyers
  • Enhanced Due Diligence Procedures for PEPs: Foreign: No; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 28 (Jan. 1 – Sept. 5, 2015); Convictions: 18 (Jan. 1 – Sept. 5, 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 2 High : 0
Largely Compliant : 15 Substantial : 5
Partially Compliant : 23 Moderate : 6
Non-Compliant : 0 Low : 0

BASEL i

Rank : 138/141
Score : 3.12/10

TRANSPARENCY INTERNATIONAL i

Rank : 69/179
Score : 44/100

Tax Justice Network i

Rank : 115/133
Score : 49/100