Georgia Adopts Sanctions Compliance Guidelines Amid International Pressure
Tbilisi, Georgia
In a move aimed at bolstering its reputation as a responsible financial hub, the National Bank of Georgia has issued new guidelines for sanctions compliance, effective immediately. The development comes on the heels of international pressure to strictly enforce financial sanctions imposed against Russia by the US, EU, and UK.
New Regulations Designed to Ensure Compliance
According to sources within the National Bank of Georgia, the new regulations are designed to ensure that Georgian financial institutions operate in full compliance with restrictive measures, thereby preventing any potential evasion of sanctions. The move is seen as a significant step towards maintaining Georgia’s reputation as a trusted partner in international financial transactions.
Key Provisions
The guidelines, which were published on August 4, specify:
- Sanctions regimes apply to Georgian citizens who have been convicted by a Georgian court and found guilty of an offense related to the basis of the sanctions imposed against them.
- Legal entities registered in Georgia with ownership interests held by sanctioned Georgian citizens are also subject to these regulations.
Enhanced Supervision
In cases where signs of criminal activity are detected during supervision, the National Bank of Georgia is mandated to immediately inform relevant authorities for further response. The institution has pledged to take a thorough and cautious approach when assessing potential risks of sanctions evasion, working closely with international partners to ensure compliance with global standards.
International Cooperation
The move is seen as a significant departure from previous practices, with many experts hailing it as a crucial step towards strengthening Georgia’s financial sector. The National Bank of Georgia has expressed its willingness to share details of the decision with international partners, highlighting its commitment to transparency and cooperation in this area.
Conclusion
Georgia’s adoption of sanctions compliance guidelines is a significant development in its efforts to maintain a strong reputation as a responsible financial hub. By ensuring full compliance with restrictive measures, the country aims to prevent any potential evasion of sanctions and strengthen its financial sector.