site.btaBulgaria Nears Compliance with FATF Standards in Fight Against Money Laundering

Bulgaria has made significant progress on its plan to exit the “grey list” for money laundering, according to the sixth progress report on the country, published on the evening of October 24, Justice Minister Georgi Georgiev wrote in a Facebook post.

He recalled that in 2023, Bulgaria received 40 recommendations from the Financial Action Task Force (FATF), on the basis of which a plan comprising 25 measures was developed. At present, 22 of these have been deemed fulfilled as a result of the efforts of the Bulgarian state, Georgiev noted. He added that the report also takes into account the implementation of commitments made at the highest political level over the past nine months.

In the next three months, all efforts will be focused on meeting the remaining conditions needed for Bulgaria’s removal from the “grey list,” the minister stressed.

Georgiev recalled that earlier this week he took part in a meeting of FATF (the organization responsible for enforcing international standards against money laundering and terrorist financing), where he presented all legislative reforms and actions carried out during the latest reporting period. These include amendments to the Penal Code, the Criminal Procedure Code, and the Administrative Offences and Penalties Act, drafted by the Ministry of Justice and adopted by Parliament.

The changes criminalize terrorism, strengthen the liability of legal entities benefiting from crimes, and introduce procedures for confiscating assets from third parties acting in bad faith. In addition, training sessions were held for investigators and prosecutors on applying money-laundering investigation procedures.

According to Georgiev, the Justice Ministry is now ready with the final legislative amendment to the Criminal Procedure Code, concerning the imposition of precautionary measures.

“Given the progress we have managed to achieve within such a short time, I stated during my meetings in Paris that Bulgaria could begin the procedure for removal from the ‘grey list’ as early as January 2026,” the minister wrote.

Ugo Bassi, Director for Financial Crime at the European Commission and head of the Commission’s delegation to the FATF, with whom Georgiev held talks, acknowledged the progress achieved and encouraged Bulgaria’s efforts to ensure the effective implementation of international anti–money laundering standards, so that the country can be excluded from the “grey list” as soon as possible, Georgiev added.

At the end of July, Parliament adopted the third and final package of legislative amendments introducing new rules that align with international requirements. The bill against money laundering, drafted and passed at that time, extends the deadlines for compliance with the recommendations of the Council of Europe’s MONEYVAL committee, in order to strengthen the country’s capacity to investigate crimes such as money laundering, organized crime and cross-border criminal activity.