Bulgaria added to Fatf greylist

[Bill D]

FATF grey list updates: Why was Bulgaria added? | VinciWorks

Bulgaria's inclusion in the FATF's grey list, Panama's journey to shed its scandal image, and the UAE's progress in enhancing AML compliance

vinciworks.com

What kind of consequences for residents ?

 

[Sols]

Probably nothing for the average person. Bulgaria will likely be off the list quite soon, as long as they act quickly to remedy the weaknesses FATF identified.

 

[Don]

Probably nothing for the average person. Bulgaria will likely be off the list quite soon, as long as they act quickly to remedy the weaknesses FATF identified.

+1
They already amended AML laws in response to this.

 

[JackAlabama]

FATF grey list updates: Why was Bulgaria added? | VinciWorks

Bulgaria's inclusion in the FATF's grey list, Panama's journey to shed its scandal image, and the UAE's progress in enhancing AML compliance

vinciworks.com

What kind of consequences for residents ?

depends, but since its in eu, prob not much. The world also got used to these nonsense powergames and blackmailing.

 

[Dasilva]

A friend, who owns a Bulgarian EOOD holding with a UK Ltd daughter company, is facing because of this issues with his current UK agent, who no longer wishes to continue representing him.

 

[JackAlabama]

A friend, who owns a Bulgarian EOOD holding with a UK Ltd daughter company, is facing because of this issues with his current UK agent, who no longer wishes to continue representing him.

some seem to be still intimidated by these fatf blackmailing attempts.
In such a case you/your friends have no other choice than looking for replacement, either the structure itself or the agents or find a different way to achieve what you are doing.

As Panamanian, Ive dealt a few years with the fatf (financial action terrorist farce) blackmailing lists for years. The global one world gov institutions are highly annoying but pretty useless in the end as well. Every problem has its solution and training keeps one fit and young.

 

[PinkCat]

So what are the actual consequnces of being added to that list?

 

[Sols]

So what are the actual consequnces of being added to that list?

It varies from none to devastating. The list by itself doesn't mean much. It's the reasoning behind being on that last and how severe it is.

When it's bad, it means financial services involving that jurisdiction become much more challenging: more documents requested, banks are quicker to pull the trigger on closing accounts, et cetera.

 

[Bill D]

It varies from none to devastating. The list by itself doesn't mean much. It's the reasoning behind being on that last and how severe it is.

When it's bad, it means financial services involving that jurisdiction become much more challenging: more documents requested, banks are quicker to pull the trigger on closing accounts, et cetera.

Does it affect the brokers and platforms which will accept residents ?
Means for example you would lose/not be able to register access to coinbase or ib ?

 

[Sols]

Does it affect the brokers and platforms which will accept residents ?
Means for example you would lose/not be able to register access to coinbase or ib ?

That's a possibility. Not very likely in the case of Bulgaria, though, since it's an EU member and appears to be acting quickly.