Measures concerning the anti-money laundering framework

The objective of this reform is to introduce new measures as part of the anti-money laundering framework.

The reform consists in adopting or revising supervisory strategies and procedures, adopting  an action plan to mitigate money laundering and terrorist financing risks, and updating the national risk assessment of money laundering and terrorist financing.

As a first step in implementing the reform, Bulgaria adopted an action plan with the aim to enhance the capacity of the competent Bulgarian institutions to effectively mitigate the risks of money laundering and terrorist financing.

In March 2023, Bulgaria adopted an update to the national risk assessment of money laundering and terrorist financing.

Measures for enhancing the capacity and capabilities of supervisors and increasing the implementation of the anti-money laundering framework by entities in scope have also been put in place. These include:

• Adoption of a supervisory strategy and a performance reporting procedure by each supervisory authority;
• Adoption of amendments to the supervisory procedures manual by each supervisory authority; 
• Adoption of guidance on the approach to politically exposed persons;
• Provisions in the law indicating the entry into force of the amendment.

The implementation of this reform has been  completed.

Additional links:

• https://www.strategy.bg/StrategicDocuments/View.aspx?lang=bg-BG&Id=1487