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US Anti-Money Laundering Regulations in Georgia Strengthened, But Further Progress Needed, Says Council of Europe Body

Strasbourg, May 7, 2024 - MONEYVAL Report

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), a monitoring body of the Council of Europe, has issued a follow-up report on Georgia’s progress in tackling money laundering and terrorist financing.

Improvements Made by Georgia

According to the MONEYVAL report, Georgia has improved its measures for addressing these issues. Specifically:

• Amendments introduced by Georgia in 2023 to its anti-money laundering legislation fully addressed the deficiencies previously identified regarding measures applicable to politically exposed persons (PEPs).
• As a result of these improvements, Georgia has been re-rated on Recommendation 12 from “partially compliant” to “compliant”.

Progress Still Needed

However, the country still faces some challenges. Out of the 40 recommendations evaluated by MONEYVAL, Georgia currently scores:

• Compliant on seven recommendations
• Largely compliant on 22 recommendations
• Partially compliant on 10 recommendations
• Non-compliant on one recommendation

Next Steps for Georgia

Georgia is expected to report back to MONEYVAL in December 2024 with further progress made towards strengthening its anti-money laundering and terrorist financing system.