Sofia has implemented all European anti-money laundering recommendations

Bulgaria has received the green light to be removed from the money laundering Grey List. The country has implemented all 40 recommendations of the Financial Action Task Force (FATF) and is expected to be taken off the list of high-risk countries, the Bulgarian News Agency (BTA) reported.

The news was announced on Facebook by former Minister of Justice Georgi Georgiev, who referred to an evaluation from the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL). The independent monitoring body of the Council of Europe has issued its final report on the measures implemented by Sofia.

“Bulgaria has improved its technical compliance with eight FATF recommendations on confiscation and provisional measures, the terrorist financing offense, targeted financial sanctions related to the proliferation of weapons, non-profit organizations, correspondent banking, sanctions, and mutual legal assistance”, the document states.