https://agenda.ge/en/news/2024/42080

The Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism on Wednesday said Georgian authorities had strengthened their measures against money laundering and terrorism financing.

Georgia has made progress in addressing the shortcomings identified in its 2020 Mutual Evaluation Report, the Committee said.

It highlighted amendments introduced this year to the anti-money laundering legislation by the Georgian Government had “largely addressed” previously identified deficiencies related to risk assessment and virtual assets service providers.

Following the actions, Georgia had been re-rated from partially compliant to largely compliant on two recommendations of the Financial Action Task Force that concern assessing risks and new technologies, it noted.

However, along with the progress, MONEYVAL noted the country remained under its enhanced follow-up process and was required to report back within a year on further steps to strengthen its anti-money laundering and counter-terrorism financing measures.

The country is also set to update MONEYVAL on its efforts to meet FATF Recommendation 6, which focuses on financial sanctions related to terrorism, at the body’s next plenary meeting in June 2025.