Bulgaria is no longer on the "grey list" of the Financial Action Task Force (FATF). Prime minister Rumen Radev said the decision was taken today at a plenary meeting in Paris.

Justice minister Nayden Nikolov told Radev about the decision.

Radev said people and businesses will no longer have trouble with payments abroad. "Bulgarian citizens will no longer be humiliated, put through checks and often refused payments by foreign banks," he said.

FATF formally warned Bulgaria in 2021 and put it on the list in 2023. It cited strategic weaknesses in the fight against money laundering and corruption that had built up over 10 years. Radev said staying on the list hurt the country's reputation and made life harder for the economy and for people. He said earlier attempts to get off the list failed because there was not enough political will or expertise.

Getting off the list was a main priority in the government's programme. Radev linked the success to the actions of his cabinet and to legislative changes passed by the current parliament.

Radev said it is the first time a government programme has opened with a section on dismantling the oligarchic model and fighting corruption. He said FATF's leaders rated this commitment highly when he met them in person in September.

Radev expects more trust, investment and jobs, better protection for people and firms from online and phone fraud, and less pressure on prices. He said competition will grow, the grey economy will shrink, and transfers to and from abroad will be faster and easier.

The change affects most directly Bulgarians who work abroad and send money to their families, students who pay fees in other countries, and everyone who earns income from foreign individuals and organisations, the prime minister said.

He called the decision a clear sign that Bulgaria's institutions are stable, and a step towards joining the Organisation for Economic Co-operation and Development (OECD). Radev said it restores the country's standing abroad and opens new opportunities for the economy, business and citizens. He thanked everyone who helped.

"Our efforts will not stop here," Radev said. The government will keep strengthening the system against corruption and money laundering so the results last.

Updated (30.10, 17:15): Prime minister Rumen Radev was told about the FATF decision by justice minister Nikolay Naydenov, not by Nayden Nikolov as first reported, BTA says.