Georgia’s Efforts to Boost Financial Inclusion Pay Off, But Crime Remains a Concern

Tbilisi: A Bid to Improve Financial Inclusion and Combat Money Laundering and Terrorist Financing

In a significant development, Georgia has made substantial progress in addressing the shortcomings identified by international experts. According to the latest Mutual Evaluation Report, the country has upgraded its compliance with Recommendation 29 from partially compliant to largely compliant.

Progress Made, but Gaps Remain

While progress has been made in tackling some of the previously identified deficiencies, others still require attention. Recommendations 22, 28, and 35 have seen further improvements since the report’s adoption, but gaps persist. Experts are urging Georgia to continue its efforts to rectify these remaining issues.

Crime Remains a Concern

Despite these advancements, crime remains a concern in the region. As Georgia continues to implement anti-money laundering and combating financing of terrorism (AML/CFT) measures, it will remain under enhanced follow-up by MONEYVAL, an international organization responsible for monitoring compliance with AML/CFT standards.

Commitment to Progress

The country has committed to providing regular updates on its progress in strengthening its AML/CFT framework. In the face of ongoing challenges, Georgia’s authorities are urged to sustain their efforts towards achieving greater financial inclusion and combating criminal activity.

Conclusion

Only through continued cooperation and commitment can the country hope to ensure a safer and more secure economic environment for all citizens. By addressing these remaining issues, Georgia can build on its progress and move closer to achieving its goals of financial inclusion and combating crime.