In a notable development, Bulgaria has made significant strides in enhancing its anti-money laundering (AML) measures, as highlighted in a follow-up report by Moneyval. This positive trajectory comes after the country faced scrutiny following a critical evaluation report in 2022.
Compliance Achievements
Moneyval’s latest assessment reveals Bulgaria’s commendable progress, with compliance attained in 13 out of 40 Financial Action Task Force (FATF) recommendations. Notably, the nation has achieved full or substantial compliance in various sectors, including designated non-professional business and professions (DNFBPs) customer due diligence, encompassing gambling, real estate, and legal services.
According to Moneyval, “Since the adoption of its mutual evaluation report in May 2022, Bulgaria has taken numerous steps to strengthen its anti-money laundering and combatting terrorist financing systems.” The sum up here is Bulgaria’s concerted efforts since May 2022 have bolstered its AML and counter-terrorism financing systems, demonstrating a commitment to global regulatory standards.
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