Bulgaria has been removed from the Financial Action Task Force’s (FATF) money laundering “grey list,” Prime Minister Rumen Radev announced in a statement to the public, citing a decision adopted at the organization’s plenary session in Paris following notification from Justice Minister Nikolay Naydenov.
Radev said the decision would restore Bulgaria‘s international standing and create new opportunities for the country’s economy, businesses and citizens.
Removal from the list was designated as a key priority in the government’s governance program. Radev said the cabinet had, for the first time, devoted a separate section of its program to dismantling the oligarchic model and fighting corruption, placing it at the very beginning of the document.
“For the first time, the Bulgarian government has included a dedicated section in its program focused on dismantling the oligarchic model and combating corruption – placing it as the very first section,” the prime minister said.
He added that the commitment had received high praise during his personal meeting with FATF leadership in September. The result, he said, followed specific government actions and legislative measures adopted by the current National Assembly.
Bulgaria received an official warning in 2021 before being placed on the “grey list” in 2023. The decision followed the identification of strategic shortcomings in the country’s efforts to combat money laundering and corruption over a period of 10 years.
Radev recalled that earlier attempts to secure Bulgaria‘s removal had been unsuccessful because of insufficient political will or expertise. The country’s inclusion on the list had damaged its international reputation and created problems for businesses and citizens.
The prime minister said the removal would bring greater confidence in Bulgaria, encourage investment and job creation, strengthen protection against online and telephone fraud, ease upward pressure on prices, promote competition and help reduce the size of the shadow economy.
He also pointed to the prospect of quicker and simpler international payments.
“Removal from the ‘grey list’ puts an end to the significant difficulties encountered when conducting financial transactions abroad,” Radev said.
He stressed that Bulgarian citizens would no longer routinely face additional checks or rejected transfers by foreign banks.
“Bulgarian citizens will no longer face the indignity of being subjected to extra scrutiny or, quite frequently, having their payments rejected by foreign banks,” the prime minister said.
He highlighted the importance of the change for Bulgarians working abroad and sending money to relatives, students paying tuition fees in other countries, and people receiving income from foreign individuals or organizations.
Radev thanked everyone involved in achieving the decision, describing it as evidence of the stability of Bulgarian institutions and an important step toward the country’s accession to the Organisation for Economic Co-operation and Development (OECD).
The government will continue working to reinforce its anti-corruption and anti-money laundering systems to ensure that the progress is sustained, he said.
“Our efforts will not stop here,” Radev said.