On 17 November 2022, the Council of Europe’s Economic Crime and Cooperation Division organised an awareness-raising workshop on Money Laundering and Terrorist Financing (ML/TF) risks associated with Politically Exposed Persons (PEPs). The event took place in Sofia, following a number of targeted AML/CFT workshops for obliged entities and competent authorities in Bulgaria, as part of the wider effort to support Bulgarian authorities in mitigating ML/TF risks.

Over 90 participants from Bulgarian obliged entities and competent authorities gathered and exchanged experience on challenges and good practices in identification and mitigation of the specific risks associated with PEPs as well as on identifying close associates of PEPs, establishing the source of wealth and source of funds, and identifying whether the beneficial owner of a legal entity is a PEP. At the first session of the event, the Financial Intelligence Directorate under the State Agency for National Security (FID-SANS) representative presented (ML/TF) risks associated with PEPs identified in the National Risk Assessment (NRA) of Bulgaria. In addition, most recent data was presented on identification and reporting of PEPs. 

Participants further benefited from the presentations delivered by the Council of Europe expert, for instance on ML/TF Risks associated with PEPs, which was followed by a discussion and exchange of experience on good practices and challenges in the implementation of requirements, as identified in different EU Member States. Furthermore, the Council of Europe expert presented the Guidelines for obliged entities in Bulgaria on identifying PEPs and establishing the source of wealth and source of funds, a document which was drafted in the course of the Project for the purposes of further supporting Bulgarian authorities in undertaking targeted outreach towards obliged entities with a view to the specific risks identified in the NRA.

The event was organised within the framework of the Structural Reform Support Programme (SRSP) project for Bulgaria “Enhancing capabilities of Bulgarian authorities to effectively mitigate money laundering and terrorist financing risks”, funded by the European Commission’s Directorate General for Structural Reform Support (DG REFORM) and the Council of Europe and implemented by the Council of Europe.