Bulgaria Bulgaria

New Documents

Bulgarian National Bank Governor Renews Commitment to Implementing EU Regulations

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

April 19, 2023

GRECO Calls on Bulgaria to Implement More Anti-Corruption Measures

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.

January 19, 2023

OECD Highlights Bulgarian Ratification of BEPS Convention

September 21, 2022

OECD Assesses Public Integrity Sector, Regulatory Policies of Bulgaria

September 7, 2022

Moneyval Releases Fifth Report Concerning AML/CTF Efforts in Bulgaria

June 27, 2022

News

Weekly Roundup: Russian Oil Exports to India Rise to Evade Sanctions, NY Creates LLC Database, and More

Binance used to skirt Chinese currency controls in Texas crypto miner purchase, French prosecutors investigate BNP Paribas over Cypriot custodial ties, and more, in the weekly roundup.

December 28, 2023

Weekly Roundup: German Prosecutor Drops FIU Investigation, US Removes Oligarch-Linked Yacht from Sanctions List, and More

France sees shift in STR filings, Brazil sentences former president, and more, in the weekly roundup.

June 2, 2023

Weekly Roundup: Zimbabwean Officials Laundering Billions of Dollars, Sanctions Evader Escapes House Arrest in Italy, and More

March 24, 2023

Weekly Roundup: US Blacklists Wagner, Binance Loses US Banking Partner, and More

January 27, 2023

Weekly Roundup: US AML Whistleblower Program Will Fuel New Cases, FinCEN Targets Human Smuggling, and More

January 13, 2023

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