As a part of the Structural Reform Support Programme (SRSP) initiative for Bulgaria “Enhancing capabilities of Bulgarian authorities to effectively mitigate money laundering and terrorist financing risks”, the Council of Europe Economic Crime and Cooperation Division (ECCD), in cooperation with the European Commission Directorate General for Structural Reform Support (DG REFORM) and Bulgarian authorities organised the Conference on the Non-Profit Organisations (NPO) Sectoral Terrorist Financing Risk Assessment in Sofia, Bulgaria on 14 April 2022.
As a first step within the sectoral terrorist financing (TF) risk assessment process, on 28 January 2022 the ECCD conducted an on-line training for the Bulgarian authorities on the implementation of the Council of Europe Methodology on the Non-Profit Organisations’ (NPOs) Sectoral Terrorist Financing Risk Assessment.
The Conference was organised with the aim of further promoting the sectoral risk assessment process among broader audience of Bulgarian NPOs and members of the permanent National Risk Assessment and Management Working Group (NRAM WG) such as the Bulgarian Financial Intelligence Unit, State Agency for National Security, Bulgarian National Bank, Financial Supervision Commission, National Revenue Agency and Commission for Anti-Corruption and Illegal Assets Forfeiture. The Conference also aimed to ensure the involvement of the NPO sector in the risk assessment process. In this regard, the Bulgarian authorities were further supported by the Council of Europe in order to achieve sustainable results of the sectoral risk assessment process as foreseen in the Council of Europe Methodology and to ensure appropriate follow-up regarding mitigation of identified TF risks by at-risk NPOs.
The first part of the event focused on the national context and provided opportunity to the Bulgarian Financial Intelligence Unit representative to deliver a presentation on the current stage of the NPO sector terrorist financing risk assessment of Bulgaria. Furthermore, the Bulgarian Center for Not-for-Profit Law (BCNP) presented an overview of the analysis of the NPOs registered in Bulgaria regarding their relevance to the FATF definition.
Second part of the Conference was dedicated to a presentation of experienced Council of Europe expert on the NPO’s role in the NPO sector TF risk assessment of Bulgaria. The Council of Europe expert delivered a comprehensive presentation on steps that are to be undertaken in the course of the sectoral risk assessment and stressed the need to actively engage the NPOs in the process, as a follow-up to the activities already undertaken by the BCNP. The NPOs were encouraged to participate in the data collection process, as well as in active exchange with the Bulgarian authorities regarding potential TF risks they are facing.
As a follow-up, the ECCD will further organise awareness raising activities to promote the sectoral risk assessment process and to enhance the NPO’s understanding of ML/TF risks as well as to provide Bulgarian authorities with a review of the draft Sectorial NPO Risk Assessment Report.
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.