Addressing the growing concern over money laundering within the gaming sector, Bulgaria’s National Revenue Agency (NRA) has launched a new drive – the Department for Prevention and Countermeasures Against Money Laundering. The initiative is a result of a thorough investigation into the nation’s susceptibilities towards money laundering and terror financing carried out by a mixed task force of subject matter experts from the NRA, Ministry of Interior, State Agency for National Security, Financial Supervision Commission, as well as other government authorities.
Bulgaria Proactively Tackles Money Laundering with the Launch of Specialized Unit
Earlier this year, it became evident that such a specialized unit was indeed needed when certain inadequacies were revealed in the existing evaluation structure, leading to an urgent call to action by the authorities. Planned amendments to the Anti-Money Laundering Measures Act are now in progress to bridge these revealed gaps and augment the law enforcement mechanisms for battling money laundering more effectively.
Over recent years, an extraordinary expansion has been observed in Bulgaria’s gambling industry, but this boom has been accompanied by a worrisome increase in money laundering activities. Previously, the country was not on the radar of global regulators, primarily because it was part of the MONEYVAL Committee‘s intensified supervision program. But now, with its withdrawal from the program, Bulgaria awaits an evaluation that will decide its listing on the Financial Action Task Force (FATF) “grey list,” which signifies countries in need of ongoing surveillance.
In response to this situation, NRA has underscored its determination to promote collaboration among citizens, organizations, and regulatory agencies. It encourages vigilant individuals to report any potential gambling-related money laundering activities they encounter.
A United Front to Fight Against Money Laundering
The creation of the Department for Prevention and Countermeasures Against Money Laundering indicates an important and strategic shift in the enforcement of Anti-Money Laundering Measures Act and Gambling Act. The NRA is bestowed with the critical task of ensuring adherence to regulations and thwarting unlawful financial transactions within the gaming sector as per these legislations.
It is noteworthy that the cross-ministry work group, which includes specialists from NRA, Ministry of Interior, State Agency for National Security, Financial Supervision Commission, and other pertinent divisions, has been working tirelessly to revise the National Risk Assessment. The continuous nature of this assessment allows for spotting budding risks and weak points in terms of money laundering and rebel financing, making the regular adjournment of the evaluation approach necessary.
In related news, Bulgarian gambling operators who hire self-excluded individuals could be subject to fines that could range between BGN5,000 to BGN20,000 ($2,800-$11,250), as stated by the NRA. The recently created self-exclusion registry by the NRA aims to curb self-excluded individuals from affiliating with gaming operators as well as restrict their access to gambling venues.
