Georgian Authorities Make Progress in Addressing Anti-Money Laundering Deficiencies, FATF Recommendations Updated

Georgia has made significant strides in addressing technical compliance shortcomings identified in its 2020 Mutual Evaluation Report, according to recent recommendations from the Financial Action Task Force (FATF). The country’s efforts have led to a re-rating on one key recommendation, with others pending further analysis.

Addressing Deficiencies

Notably, Georgia’s 2023 amendments to its anti-money laundering legislation have fully addressed deficiencies previously identified regarding measures applicable to politically exposed persons. As a result, Recommendation 12 has been upgraded from Partially Compliant to Compliant.

Additionally, Georgia has requested re-ratings for eight other recommendations, including:

Recommendation 1
Recommendation 6
Recommendation 7
Recommendation 15
Recommendation 22
Recommendation 23
Recommendation 28
Recommendation 35

These ratings are currently under review and no changes have been made at this time.

Overall Rating

Georgia’s overall rating on the FATF recommendations is now:

Compliant on 7
Largely Compliant on 22
Partially Compliant on 10
Non-Compliant on 1 of the 40 recommendations.

Next Steps

Georgian authorities are expected to provide an update in December 2024 to MONEYVAL on their progress towards strengthening their anti-money laundering and terrorist financing system. The development is seen as a positive step forward for Georgia’s efforts to combat financial crimes.