Bulgaria Bulgaria

New Documents

Dimitar Radev, the Governor of the Bulgarian National Bank, delivered remarks at a conference organized by the American Chamber of Commerce in Bulgaria.

The Council of Europe’s Group of States Against Corruption published its Fifth Evaluation Report on Bulgaria’s efforts to prevent corruption and promote integrity in its central government and law enforcement agencies.


Enforcement Actions

0 Items Found

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)


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


Rank : 138/141
Score : 3.12/10


Rank : 69/179
Score : 44/100

Tax Justice Network i

Rank : 115/133
Score : 49/100