At the last plenary session of the international organisation Financial Action Task Force ("FATF"), held at the end of this month, it was decided that Bulgaria will remain part of the organisation's so-called "grey" list (jurisdictions that are subject to increased monitoring).

Jurisdictions that are subject to increased monitoring are actively working with the FATF to address strategic deficiencies in their national AML/CFT regimes. In cases where the FATF has placed a jurisdiction under enhanced surveillance, this means that the country has committed to address the deficiencies so identified within a short timeframe, resulting in its removal from the grey list.

Over 200 jurisdictions and observers from international organisations participated in the plenary session. Among the decisions taken was the removal of Senegal from the grey list, following an on-site visit to the country by FATF delegates.

Bulgaria's presence in the FATF list could have a negative impact in terms of the country's reputation in internatio0nal economic and political terms, as well as impact on the investment climate. The same is also relevant in terms of the policy of the credit and financial institutions operating in the country, which should set even higher requirements for their clients in terms of “Know Your Customer” procedures.

Removing the country from the "grey" list is also seen as a circumstance increasing Bulgaria's chances of joining the Eurozone, as well as the Organisation for Economic Co-operation and Development (OECD), which are a national priority in foreign policy terms.