Bulgarian NRA fights money laundering related to gambling
Date: 2023-08-23 Author: Kirill Zagoruyko Categories: EVENTS
In an effort to curb the alarming rise in money laundering cases in the gambling industry, the Bulgarian National Revenue Agency (NRA) has unveiled its latest initiative, the Department for Preventing and Combating Money Laundering. This strategic move comes after a joint team of experts from the NRA, the Ministry of the Interior, the State National Security Agency, the Financial Supervision Commission and other government agencies conducted a comprehensive assessment of the country's vulnerability to money laundering and terrorist financing. .
Bulgaria quickly responds to money laundering risks with the help of a special unit
The need for such a specialized unit became clear earlier this year when weaknesses in the existing evaluation system were identified, prompting the authorities to take immediate action. The Anti-Money Laundering Measures Act is currently being amended to address identified gaps and strengthen the legal apparatus to combat money laundering more effectively.
Bulgaria's gambling sector has experienced unprecedented growth in recent years, but has also seen an alarming surge in money laundering activity. Until recently, the country has remained under the scrutiny of international observers due to its inclusion in the expanded monitoring program of the MONEYVAL committee. However, after being withdrawn from the program, Bulgaria is now awaiting evaluation to determine if it will remain on the Financial Action Task Force (FATF) “grey list”, a designation of countries requiring ongoing monitoring.
The NRA emphasized its commitment to developing cooperation between citizens, organizations and regulators. Concerned individuals who encounter suspicious money laundering activity related to gambling are encouraged to report their findings.
Inter-Agency Efforts to Combat Money Laundering
The creation of the Department for the Prevention and Combating of Money Laundering marks a strategic shift towards strengthening the enforcement of the Law on Measures to Combat Money Laundering and the Law on Gambling. These laws give the NRA a key role in ensuring compliance and preventing illegal financial flows in the gambling industry.
It is noteworthy that the inter-ministerial working group, which includes experts from the NRA, the Ministry of the Interior, the State National Security Agency, the Financial Supervision Commission and other relevant departments, cooperated diligently in updating the National Risk Assessment. This ongoing assessment aims to identify emerging threats and vulnerabilities in the context of money laundering and terrorist financing, which requires a regular review of the assessment methodology.
According to the NRA, Bulgarian gambling operators employing self-excluded persons could face fines ranging from 5,000 to 20,000 leva (2,800–11,250 USD). The recently introduced Self-Exclusion Registry by the NRA aims to prevent self-excluded individuals from working with gambling operators, as well as prohibiting them from entering gambling establishments.
Bulgaria quickly responds to money laundering risks with the help of a special unit
The need for such a specialized unit became clear earlier this year when weaknesses in the existing evaluation system were identified, prompting the authorities to take immediate action. The Anti-Money Laundering Measures Act is currently being amended to address identified gaps and strengthen the legal apparatus to combat money laundering more effectively.
Bulgaria's gambling sector has experienced unprecedented growth in recent years, but has also seen an alarming surge in money laundering activity. Until recently, the country has remained under the scrutiny of international observers due to its inclusion in the expanded monitoring program of the MONEYVAL committee. However, after being withdrawn from the program, Bulgaria is now awaiting evaluation to determine if it will remain on the Financial Action Task Force (FATF) “grey list”, a designation of countries requiring ongoing monitoring.
The NRA emphasized its commitment to developing cooperation between citizens, organizations and regulators. Concerned individuals who encounter suspicious money laundering activity related to gambling are encouraged to report their findings.
Inter-Agency Efforts to Combat Money Laundering
The creation of the Department for the Prevention and Combating of Money Laundering marks a strategic shift towards strengthening the enforcement of the Law on Measures to Combat Money Laundering and the Law on Gambling. These laws give the NRA a key role in ensuring compliance and preventing illegal financial flows in the gambling industry.
It is noteworthy that the inter-ministerial working group, which includes experts from the NRA, the Ministry of the Interior, the State National Security Agency, the Financial Supervision Commission and other relevant departments, cooperated diligently in updating the National Risk Assessment. This ongoing assessment aims to identify emerging threats and vulnerabilities in the context of money laundering and terrorist financing, which requires a regular review of the assessment methodology.
According to the NRA, Bulgarian gambling operators employing self-excluded persons could face fines ranging from 5,000 to 20,000 leva (2,800–11,250 USD). The recently introduced Self-Exclusion Registry by the NRA aims to prevent self-excluded individuals from working with gambling operators, as well as prohibiting them from entering gambling establishments.
