Georgia Tightens Anti-Money Laundering Regulations

Strengthening Financial System and Preventing Illicit Transactions

TBILISI, GEORGIA - The Georgian government has introduced a new set of anti-money laundering regulations aimed at enhancing transparency and accountability in the financial sector. This move is designed to strengthen Georgia’s financial system and prevent illicit transactions.

Key Highlights of the New Regulations

• Stricter Controls on Suspicious Transactions: Financial institutions are required to report unusual activities, making it more difficult for individuals to launder money.
• Harsher Penalties for Non-Compliance: Institutions that fail to comply with anti-money laundering regulations will face severe penalties.
• Establishment of a Specialized Agency: A new agency responsible for monitoring and enforcing anti-money laundering practices has been created.

International Recognition and Cooperation

The international community has welcomed Georgia’s efforts to combat money laundering and terrorist financing. The Financial Action Task Force (FATF) commended the Georgian government for its commitment to upholding global standards on anti-money laundering.

“The adoption of these amendments demonstrates Georgia’s commitment to upholding global standards on anti-money laundering,” said David Lewis, a spokesperson for FATF. “We commend the Georgian government for taking this important step forward and look forward to continuing our cooperation with them in this area.”

Implementation Timeline

• Immediate Effect: The new regulations come into effect immediately.
• January 1, 2025: Financial institutions are required to comply with the new rules by this date.