Title: Georgia Cracks Down on Financial Crimes: AML Regulations and Cryptocurrency Monitoring

Georgia, a country situated at the crossroads of Europe and Asia, is making significant strides in the global fight against money laundering and terrorist financing. With its strategic location and commitment to compliance, Georgia is actively aligning with international standards to strengthen its Anti-Money Laundering (AML) framework.

International Commitment and Assessments

• Georgia’s dedication to AML compliance: Under agreements with the European Union (EU) and Moneyval, Georgia has committed to combating money laundering and terrorist financing (ML/TF) within its borders.
• Numerous assessments from Moneyval and commitment to FATF standards.

Georgia’s Progress Toward International Compliance

• Establishment of the Financial Monitoring Service of Georgia (FMS) in 2003 to address financial crimes and supervise financial institutions.
• Monitoring of cryptocurrency firms, effective from 2023.

Latest AML Efforts

• Adherence to Western sanctions against Russia and Belarus.
• Proposed legislation on crypto regulation and legal recognition for digital asset trading.

High-Risk Sectors and AML Programs

• Banks, investment companies, real estate developers, and legal professionals are required to implement and maintain effective AML programs to detect and report suspicious transactions to the FMS.

Prioritizing AML Compliance in Georgia

• Businesses need to prioritize AML compliance to maintain the integrity and stability of Georgia’s financial sector.
• Sanction Scanner offers technology solutions to ensure AML compliance and secure operations.

Continuous Efforts Toward AML Compliance

• Georgia’s ongoing commitment to fighting financial crime and securing its reputation as a global business and finance hub.