Georgia’s Financial Regulators Crack Down on Money Laundering and Terrorist Financing with New Legislation and Tools

Georgia, a country at the European-Asian border, has made significant strides in strengthening its anti-money laundering (AML) defenses. With agreements with the European Union and Moneyval, Georgia is dedicated to detecting and preventing money laundering and terrorist financing.

Georgia’s Commitment to Combating Financial Crimes

As a pivotal country, Georgia is ensuring continued efforts to meet international AML standards:

Full compliance with international AML regulations
Established the Financial Monitoring Service (FMS) in 2003
New Law on Facilitating the Prevention of Money Laundering and Financing of Terrorism in 2019

A Proactive Stance on Cryptocurrencies

Georgia is taking a proactive approach to the emerging cryptocurrency market:

Closely monitoring Virtual Asset Service Providers (VASPs) from 2023
New legislation aims to harmonize Georgian laws with European Union directives

High-Risk Sectors Under Close Scrutiny

All high-risk sectors are required to ensure AML compliance:

Banks and financial institutions
Foreign exchange offices
Investment companies
Law firms and legal professionals
Accounting firms and auditors
Casinos and gambling establishments
Jewelry and precious metals dealers
Non-profit organizations
Exporters and importers

All these organizations must:

Establish AML programs
conduct monitoring and control
Handle suspicious transactions

AML Solutions to Support Georgian Businesses

Effectively navigating regulatory requirements is crucial for businesses in Georgia:

Sanction Scanner offers advanced technologies
Help Georgian businesses secure financial institutions