Justice Minister: The Final Package of Amendments for Bulgaria’s Removal from the “Grey List” on Money Laundering Has Been Approved

The Council of Ministers has approved the third and final legislative package of amendments necessary for Bulgaria to be removed from the so-called “grey list” for money laundering, Justice Minister Georgi Georgiev said in a briefing to journalists following the Council of Ministers meeting on July 2.

Due to non-fulfilment of international commitments and a lack of legislative reforms, Bulgaria has effectively failed to implement the recommendations of international organizations over the past two years. As a result, the activities of Bulgarian citizens and companies have been severely hindered not only domestically but also abroad during international negotiations.

Minister Georgiev emphasised that beyond being a matter of national prestige, this issue is of critical importance for economic development and attracting foreign investments. Major international companies traditionally refrain from investing in countries listed on the “grey list” for money laundering, clearly due to concerns that the investment environment does not guarantee the rule of law.

The first package of amendments has already been adopted and is part of current legislation. The second package has been reviewed by Parliament, with amendments to the Penal Code approved in the first reading. This third package is the final one, with the ambition to take the necessary actions by the end of July, the minister explained.