On 24-25 October 2022, the Council of Europe’s Economic Crime and Cooperation Division organised a workshop on “Effective implementation of sanctions for AML/CFT breaches” in Sofia, Bulgaria. The event took place following a number of targeted Anti-Money Laundering and Countering the Financing of Terrorism (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.

The workshop gathered over 25 representatives of Bulgarian AML/CFT supervisory authorities as well as Council of Europe experts to discuss and compare the functioning and coordination systems of both the Bulgarian and Spanish models of legislative and regulatory framework for sanctioning AML/CFT breaches committed by obliged entities. While participants in the workshop reflected on the main challenges encountered in the definition, setting up and application of sanctions, they also benefitted from exchanges of best practices and lessons learned based on specific case study examples encountered by the Spanish AML/CFT supervisory authorities, aiming to exchange experience and discuss similarities and differences with practices implemented by the Bulgarian supervision authorities. 

Participants used this opportunity to engage in fruitful discussions and exchanges regarding overcoming common challenges and applying good practices regarding sanctioning of AML/CFT breaches in order to ensure the application of effective, proportionate and dissuasive sanctions. 

The Workshop was held within the framework of the joint SRSP Project on “Enhancing Capabilities of Bulgarian Authorities to Effectively Mitigate Money Laundering and Terrorism Financing Risks” funded by the European Commission Directorate General for Structural Reform Support (DG REFORM) and the Council of Europe and implemented by the Council of Europe.