Prime Minister Rumen Radev announced that Bulgaria is leaving the so-called “grey list“ of the Financial Action Task Force (FATF). According to him, he was informed of the decision by the Minister of Justice Nikolay Naydenov, who is in Paris.
At the moment, the official results of the FATF plenary meeting have not yet been published. The organization announced that the summary of the decisions from the meeting, held between October 28 and 30, will be announced after its end. The official FATF website continues to list Bulgaria among the jurisdictions under increased surveillance.
Bulgaria was included in the list in 2023.
According to Radev, the country was officially warned about its weaknesses back in 2021, and in 2023 it was included in the list due to strategic shortcomings in the fight against money laundering and corruption over the previous decade.
The Prime Minister said that previous attempts to leave had been unsuccessful due to a lack of sufficient expertise or political will.
“The presence on this shameful list is not only reputational damage, but also a problem for the economy and citizens“, said Rumen Radev.According to him, removal from the list was among the government's main priorities. The management program includes a special section on combating corruption and dismantling the oligarchic model.
Expectations for investments and international payments
Radev pointed out that the actions of the government and the decisions of the National Assembly were highly appreciated at a meeting with the FATF leadership in September.
According to the Prime Minister, leaving the “gray list“ will help restore Bulgaria's international authority, increase trust in the country and can encourage investments and the creation of new jobs.
He also expects a limitation of additional checks and refusals to make payments that Bulgarians working abroad, students and people receiving income from foreign individuals and organizations have faced. Radev also linked the decision to facilitating international payments, limiting the shadow economy and stronger protection against online and telephone fraud.
The Prime Minister described the removal from the list as an important step towards Bulgaria's membership in the Organization for Economic Cooperation and Development. He assured that the government will continue to strengthen the system for combating money laundering so that the result is lasting.