GEORGIA STRENGTHENS ANTI-MONEY LAUNDERING REGULATIONS TO COMBAT FINANCIAL CRIMES
TBILISI, GEORGIA - THE HUB FOR INTERNATIONAL COMBATING OF MONEY LAUNDERING AND TERRORISM FINANCING
As a country situated at the crossroads of Europe and Asia, Georgia plays an essential role in the global fight against money laundering and the financing of terrorism. The Georgian government has taken significant steps to enhance its Anti-Money Laundering (AML) efforts in line with international standards.
KEY DEVELOPMENTS IN GEORGIA’S AML REGULATIONS
In 2019, the Georgian Parliament adopted the Law on Facilitating the Prevention of Money Laundering and Financing of Terrorism. This legislation ensures that Georgia complies with international AML regulations. The law authorizes the Financial Monitoring Service of Georgia to supervise banks, microfinance institutions, foreign exchange offices, investment companies, and all other financial institutions in the country.
GEORGIA TO REGULATE CRYPTOCURRENCY IN 2023
Starting in 2023, Georgia will introduce regulations for cryptocurrency firms to prevent money laundering and ensure compliance with sanctions. The government is set to greenlight cryptocurrency-related legislation during the autumn session, harmonizing Georgian laws with significant European Union directives while establishing legal recognition for entities engaged in digital asset trading.
HIGH-RISK SECTORS IN GEORGIA
The Financial Monitoring Service of Georgia has identified several high-risk sectors that are required to ensure AML compliance:
- Banks and financial institutions
- Foreign exchange offices
- Investment companies
- Insurance companies
- Real estate and property developers
- Law firms and legal professionals
- Accounting firms and auditors
- Casinos and gambling establishments
- Jewelry and precious metals dealers
- Non-profit organizations
- Exporters and importers
AML SOLUTIONS FOR GEORGIA BUSINESSES
Businesses operating in Georgia must prioritize compliance with a wide range of laws and rules, which has an impact on the integrity and stability of the country’s financial sector. Sanction Scanner is dedicated to providing cutting-edge technologies to assist Georgian businesses in successfully navigating the regulatory world.
With these developments, Georgia takes a significant step towards strengthening its AML regulations and combating financial crimes effectively. The government’s efforts aim to ensure compliance with international standards while promoting transparency and integrity in the country’s financial sector.