To expedite the removal from the Financial Action Task Force (FATF) "grey list," the Bulgarian cabinet has officially approved this week the establishment of a specialized Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) task force within the National Police General Directorate. This move aims to integrate resources from various departments to address the intensified international scrutiny due to regulatory deficiencies since October 2023.
Veteran leader spearheads the creation of a "Central Coordination Center"
The newly established task force will be led by Yavor Sarafimov, who is currently the deputy director of the National Police General Directorate and has previously headed the country's main department against organized crime. He is experienced in investigating cybercrime, drug trafficking, human trafficking, and economic crimes. Notably, the task force is positioned as a "Central Coordination Center," not an independent agency.
It will gather representatives from key departments such as the National Revenue Agency, Customs Agency, National Security Agency, and the Prosecutor's Office. According to the outgoing Minister of Interior, Daniel Mitov, all analyses and reports related to money laundering will be consolidated here to achieve "faster, more seamless collaboration and follow-up investigations."
Integrating gambling regulatory bodies, focusing on high-risk areas
The National Revenue Agency plays a significant role in this framework. A key point is that since 2020, it has also taken on the responsibilities of the national gambling regulator. Including it in the task force aims to enhance information sharing on illegal financial flows in high-risk areas such as gambling, e-commerce, and cross-border payments. This move cleverly connects tax audits and industry regulation data with law enforcement actions.
De-grey roadmap and industry impact under international pressure
Mitov openly states that the establishment of the task force is not only a result of domestic institutional coordination but also involves close consultations with authorities from the USA, UK, and the EU, reflecting significant external pressure. Being on the grey list means higher international credibility costs and compliance burdens, especially affecting regulated gambling operators and their payment service providers, who often face stricter scrutiny or restrictions.
Looking at the examples of predecessors: Gibraltar and the UAE both successfully de-greyed after extensive reforms. Bulgarian officials believe that the country does not belong to the category of Least Developed Countries as defined by the United Nations, which adds leverage for effective reform and subsequent delisting. Although the government has not provided a specific timetable, officials hint that if the execution meets international expectations, the year 2026 is seen as a realistic target for delisting. Financial institutions and multinational corporations with business dealings in Bulgaria and similar jurisdictions should continue to monitor changes in the regulatory environment and compliance risks in the coming years. To learn more about global regulatory dynamics and compliance analysis, PASA's official website will continue to focus and provide in-depth interpretations.
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