On 03 - 06 October 2023, the Council of Europe’s Economic Crime and Cooperation Division organised a four-day training on the risk-based anti-money laundering and countering the terrorist financing (AML/CFT) supervision of Designated Non-financial Businesses and Professions (DNFBP)’ sectors for 25 representatives of the Financial Intelligence Directorate within the State Agency for National Security (Bulgarian Financial Intelligence Unit), the National Revenue Agency and the Communications Regulation Commission.
The training was launched by an overview of the role of FATF/MONEYVAL and standards for DNFPBs’ supervision. As a follow-up, the presentations focused on the different stages of risk-based supervision and the supervisory cycle. More specifically, participants could enrich their knowledge and understanding of the specific money laundering and terrorist financing (ML/TF) risks existing in the different DNFBP sectors by exchanging experience on international challenges and good practices with the Council of Europe experts. The participants further benefited from presentations delivered by experienced Council of Europe experts on licencing, registration and market access of the DNFBPs as well as on the importance of the communication, cooperation and engagement with the private sector. These sessions were followed by the in-depth presentations, analysis, discussions and practical exercises on the specific stages on the risk-based AML/CFT supervision, such as data collection, off-site supervision, planning and implementation of the onsite supervision and follow-up to the onsite supervision including on addressing the situations of non-compliance and imposing sanctions.
The training was concluded with a fruitful discussion on the supervisory needs and resources and with the final discussion and conclusions on the key elements needed for an effective DNFBP supervision.
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.