According to a follow-up study by the Council of Europe’s MONEYVAL, Bulgaria has further strengthened its efforts to combat money laundering and terrorist financing since the last monitoring report. The report indicates that Bulgaria has improved in areas such as customer due diligence, transparency and beneficial ownership of legal entities, regulation and supervision of designated non-financial companies and professions (DNFBPs), advice and feedback, and compliance with the Financial Action Task Force’s (FATF) recommendations on targeted financial sanctions connected to terrorism and terrorist financing. Bulgaria has strengthened its anti-money laundering and anti-terrorist funding systems in a number of ways since adopting its mutual evaluation report in April 2022. As of right now, Bulgaria has been classified as partially compliant with eight FATF recommendations and as compliant or mainly comply with thirty-two of them.
