Georgia’s Financial Intelligence Unit Strengthens Cooperation with Insurance Sector to Combat Economic Crime

Enhancing Anti-Money Laundering and Countering Financing of Terrorism Compliance

Tbilisi, Georgia - The Council of Europe and the Insurance State Supervision Service of Georgia have joined forces to combat economic crime through a two-day training session on anti-money laundering (AML) and countering financing of terrorism (CFT) compliance.

Training Objectives

The training, held on June 23-24 in Tbilisi, was designed specifically for the insurance sector and aimed to:

• Enhance cooperation between financial institutions, supervisors, and the Financial Monitoring Service (Georgian Financial Intelligence Unit)
• Support effective compliance with AML/CFT requirements
• Strengthen understanding and application of measures related to:
  • Politically Exposed Persons
  • Identification and verification of beneficial ownership
  • Common challenges faced by the sector

Training Highlights

The training focused on:

• Applicable international AML/CFT standards and best practices
• Real cases observed in Georgia
• The importance of cooperation between reporting entities, supervisors, and the Financial Monitoring Service in identifying and mitigating major money laundering and terrorist financing risks

According to a Council of Europe expert, insurance companies must dedicate resources and effective internal policies to combat economic crime.

Capacity-Building Activity

The capacity-building activity contributed to the implementation of MONEYVAL recommendations and enabled the insurance sector to mitigate ML/FT risks based on a sound understanding of their nature and effective use of resources.

Project Funding

The event was organized within the framework of the project “Enhancing the Systems of Prevention and Combating Corruption, Money Laundering and Terrorist Financing in Georgia”, funded by the European Union and the Council of Europe.