Bulgaria

New Documents

GRETA Recommends Additional Resources to Combat Human Trafficking in Bulgaria

The Council of Europe’s Group of Experts on Action Against Trafficking in Human Beings published its third evaluation report on Bulgaria’s efforts to combat human trafficking.

May 4, 2021

ECB: Bulgaria to Participate in ERM II Following Adoption of AML, Banking Supervision Measures

The European Central Bank published a communiqué on Bulgaria regarding the inclusion of the Bulgarian lev in the Exchange Rate Mechanism and the country’s decision to join the Banking Union in conjunction with the implementation of certain measures, including an anti-money laundering framework.

July 13, 2020

European Commission Report on Bulgaria Finds Limited Progress in AML Enforcement

February 27, 2020

Bulgaria Commits to Exposing Illicit Financial Flows, Combating Corruption

May 12, 2016

UK Publishes Country Statements at Anti-Corruption Summit

May 12, 2016

News

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

FinCEN seeks feedback on model risk management, Bitcoin ATMs spike in Venezuela, and more, in this week’s roundup.

April 9, 2021

EU Takes Aim at ‘Golden Passport’ Programs

European authorities have launched proceedings against Cyprus and Malta following the latest revelations of criminal abuse of citizenship-by-investment programs in the EU’s two southernmost jurisdictions, and opened an inquiry into Bulgaria, which offers a similar scheme.

October 20, 2020

Midweek Roundup: Turkish Bank Denies US Sanctions Evasion, Goldman Sachs Pleads Not Guilty in 1MDB Case, and More

February 27, 2020

Weekly Roundup: OCC Knocks Bank for Lax Cryptocurrency Controls, FATF Renews Embargo Against Iran, and More

February 24, 2020

Weekly Roundup: White House Pitches Larger TFI Budget, FinCEN Prepares New Crypto Rules, and More

February 14, 2020

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

Technical Effectiveness
Compliant : 12 High :
Largely Compliant : 27 Substantial :
Partially Compliant : 9 Moderate :
Non-Compliant : 0 Low :
Not-Applicable : 1

BASEL i

Rank : 138/141
Score : 3.12/10

TRANSPARENCY INTERNATIONAL i

Rank : 74/180
Score : 43/100

Tax Justice Network i

Rank : 115/133
Score : 49/100