Combatting financial crime

Bulgarian gambling sector joins forces with authorities to combat money laundering and terrorism financing

Rumen Spetsov, Director General of the National Revenue Agency (NRA).
Reading time 1 min

In a bid to tackle the pervasive issues of money laundering and terrorism financing, Bulgaria's gambling industry has forged an alliance with key government agencies.

The National Revenue Agency (NRA) and the State Agency for National Security convened a crucial meeting, helmed by NRA Director General Rumen Spetsov, where strategies for bolstering anti-money laundering (AML) and counter-terrorist financing (CTF) efforts took center stage.

The meeting served as a platform for stakeholders to engage in candid discussions regarding the pressing need for coordinated action against financial crimes within the gambling sector.

A key outcome of the deliberations was the establishment of a framework aimed at fostering closer collaboration between NRA officials and industry representatives. 

Rumen Spetsov emphasized the NRA's commitment to forging strategic partnerships and providing robust support to ensure compliance with regulatory obligations. "We value the commitment of the gambling industry to effectively counteract and prevent money laundering and terrorism financing," Spetsov remarked.

As Bulgaria's regulatory body overseeing operator licensing and taxation processes, the NRA wields significant influence in administering taxation and enforcing regulatory standards within the gambling sector

Bulgaria's AML initiatives have garnered attention from the Financial Action Task Force (FATF), with the country currently occupying a spot on the organization's grey list alongside 21 other jurisdictions. 

Countries on the FATF grey list must implement comprehensive action plans to rectify shortcomings in their regulatory regimes. Recent success stories, such as the removal of Barbados, Gibraltar, Uganda, and the United Arab Emirates from the list, underscore the importance of proactive measures in combatting financial crimes.

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