The objective of this reform is to strengthen the anti-money laundering framework by adoption of an action plan to mitigate the money laundering and terrorist financing risks identified through the national risk assessment, as well as updating the national risk assessment. This shall be achieved by the following measures: • adoption or revision of supervisory strategies and of supervisory procedures by the Financial Intelligence Directorate of the State Agency for National Security, the Bulgarian National Bank, the Financial Supervision Commission and the National Revenue Agency; • adoption of a guidance on the approach to politically exposed persons; • adoption of an action plan by the Council of Ministers to mitigate the money laundering and terrorist financing risks identified through the national risk assessment; • adoption of an update to the national risk assessment of money laundering and terrorist financing report, including on the risks linked to citizenship investment schemes, and adoption of sectorial risk assessments of the non-profit sector and of virtual assets. The implementation of the reform shall be completed by 30 June 2025.
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