Bulgaria was identified as a destination for terrorist financing activity and singled out for weaknesses in its anti-money laundering laws in a pair of reports released Wednesday. The nation's parliamentary commission said crime groups in Bulgaria "sometimes work together with Arab citizens linked to terrorist organizations," providing profits from the narcotics trade to Hezbollah, Islamic Jihad and others, according to a report by the Associated Press. In an evaluation of Bulgaria's AML laws, released Wednesday by the regional AML watchdog Moneyval, the southeastern European nation was cited for failing to accurately gauge the AML risk of nonprofit organizations and giving...
Most laws meant to combat money laundering have proven counterproductive and have failed to address the fact that dirty money is often cleaned in otherwise legitimate businesses, says Andrew Haynes.
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