Bulgaria is no longer on the “Gray List” for money laundering

Bulgaria has been removed from the “gray” list for money laundering. Prime Minister Rumen Radev announced this, as quoted by his office. The decision was made on Friday during the plenary session of the Financial Action Task Force (FATF) in Paris.

Being removed from the “gray list” means greater confidence in our country, more investment and more jobs. It also means stronger protection against online and telephone scams for citizens and businesses, less pressure on prices, stronger competition and a smaller shadow economy. Faster and easier payments to and from abroad,” Radev stated.

We would like to remind you that our country received an official warning on December 1, 2021 and the FATF placed it on the list on December 1, 2023 due to identified strategic weaknesses in the fight against money laundering and corruption over a ten-yr period. Radev recalled that previous attempts to be removed from the list had been unsuccessful due to a lack of sufficient political will or expertise. Bulgaria’s presence on the list had caused serious reputational damage and created difficulties for both the economy and Bulgarian citizens.

According to Radev removal from the “gray” list puts an end to the serious difficulties in conducting financial transactions with foreign countries.

Bulgarian citizens will no longer be humiliated, subjected to inspections or – as is often the case – denied payments by foreign banks,” he emphasized.

Translated with DeepL.