What Are the Current Recommendations to Bulgaria According to the MONEYVAL Report?

Learn about the latest MONEYVAL recommendations for Bulgaria, the potential consequences, and the steps businesses can take to ensure compliance.

04 Aug 2025 |

According to the latest MONEYVAL report, Bulgaria has made significant progress in implementing measures related to combating money laundering and terrorist financing. However, the document clearly emphasizes the need for continued monitoring in the country.

Introduction

The MONEYVAL report is an official written opinion by a supervisory body of the Council of Europe aimed at assessing member states’ efforts and actions regarding international AML (Anti-Money Laundering) measures. The document evaluates how effectively each country combats the relevant set of crimes and how it can improve its local policies in this area.

For Bulgaria, receiving the highest possible rating is extremely important, as it can influence the local investment climate and help prevent a deterioration of its international image. Being included on the FATF “grey list” continues to keep the country in an unfavorable financial and economic state. 

Key Findings from the Latest MONEYVAL Report 

The latest MONEYVAL recommendations will become effective in July 2025. The report praises 32 previously implemented procedural and institutional measures, but also identifies 8 additional areas requiring further work.

The goal is to reassess persistent key issues and improve Bulgaria’s national AML compliance with international MONEYVAL recommendations:

• Challenges for the country: Weaknesses in the legislative framework, lack of effective implementation of financial regulations, and insufficient institutional capacity for oversight and sanctions. Current problems include ineffective enforcement of the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, and outdated AML provisions in the Penal Code that do not reflect the current business and economic environment.
• Guidance points for further progress: Strengthening supervision and control mechanisms, improving cooperation between the public and private sectors, enhancing procedures for identifying and reporting suspicious transactions. The plan includes establishing procedures for the seizure and disposal of cryptocurrencies linked to AML crimes, adding provisions for controlling the spread of weapons of mass destruction, and more.

Potential Consequences for Bulgaria

The MONEYVAL report outlines several types of potential negative consequences for Bulgaria:

• Financial risks: Possible pressure from international institutions, including the EC, ECB, and World Bank, and potential loss of access to key components of the financial system.
• Reputational risks: The country’s image may deteriorate further, making it a less attractive international partner.
• Economic consequences: Increased costs for Bulgarian companies on the global business stage due to fewer incoming financial flows.

Necessary Actions to Improve Compliance 

To avoid the risks listed above and others, the current MONEYVAL report recommends the following actions for Bulgaria:

• Review and update the national anti-money laundering strategy.
• Strengthen the capacity of regulatory bodies through training and technological solutions.
• Enforce stricter sanctions for non-compliance with AML/CFT requirements.
• Enhance international cooperation and information exchange.

The latest MONEYVAL recommendations for Bulgaria make it clear how critical fast response, procedural flexibility, and modernization of outdated AML practices are. This is why the use of new technologies becomes an appropriate response to the identified gaps in Bulgaria’s efforts against financial terrorism and money laundering.

Truvity is software that can serve as a reliable partner for all entities affected by the current MONEYVAL recommendations. Following the introduction of AMLD 6, Truvity is a trusted partner for financial institutions and banks, regulated companies, state and regulatory authorities, and legal and financial consultants. It acts as a technological assistant in integrating the directive into business operations as a set of regulations. The program provides a modern and accessible solution for automating client identification and monitoring processes.

Truvity improves a company's internal organization when implementing and executing risk-reduction operations. This software can swiftly detect suspicious transactions in real time while also storing all the required documentation for each financial case.

Conclusion

The MONEYVAL report provides a legal framework for national AML compliance with international standards, an institutional review of authorities, practical measures, a set of regulatory recommendations, and a final analysis of newly implemented national requirements, processes, and executive agencies.

Bulgaria’s main mission remains to be removed from the grey list and improve its effectiveness in combating money laundering. The efforts required from affected entities can be significantly eased through the integration of Truvity.

Contact us for a consultation!