The Council of Europe’s Economic Crime and Cooperation Division (ECCD) is currently supporting the Bulgarian Financial Intelligence Unit (Financial Intelligence Directorate under the State Agency for National Security - FID-SANS) with enhancing its financial intelligence function. In this regard, on 18-20 November 2024 the ECCD has organised a training on operational analysis for FID-SANS analysts.

The training entailed a number of theoretical sessions which were complemented by practical exercises, thus allowing participants to explore essential aspects of the operational analysis methodology and techniques.

FID-SANS representatives could also enhance their skills in relation to evolving international standards, the sources of operational analysis consisting of suspicious transaction records (STRs) as well as the essential steps to be undertaken during each phase of the intelligence cycle. For the collection phase, participants received practical advice on all relevant sources to be used, with a particular focus being placed on the added value of open-source intelligence. Participants could also acquire new knowledge and good practices for carrying out the analysis, including through effective data analysis techniques. In this regard, the Council of Europe experts suggested a number of IT tools that could contribute to the automation of analysis and make the FIU work more effective. Moreover, the training aimed at providing the FIU staff with practical advice and instructions on how to request and collect information from obliged entities. 

Finally, taking into consideration the identified challenges in processing terrorist financing cases, the training emphasised the most recent terrorist financing (TF) trends and methods, including the fundraising through crypto-assets and the required blockchain analysis process. FID-SANS representatives were also provided with useful tips on how to raise obliged entities’ awareness as regards the identification of TF-related suspicion, through the provision of targeted red flags.

In order to further contribute to improving the FIU’s analytical function by enhancing the quality of STRs received by FID-SANS, the ECCD will organise awareness-raising activities on the identification of money laundering and terrorist financing risks and STR submission for selected sectors of obliged entities in Bulgaria. 

The activity was organised within the framework of the Technical Support Instrument (TSI) project on “Enhancing the capabilities for risk-based AML supervision and financial intelligence in Bulgaria”, funded by the European Union and the Council of Europe, and implemented by the Council of Europe.