Georgia has improved its measures for tackling money laundering and terrorist financing, concludes MONEYVAL in a follow-up report released today. The report found Georgia to have improved its compliance with the Financial Action Task Force’s Recommendation 12 (politically exposed persons).
Overall, Georgia has made progress in addressing the technical compliance shortcomings identified in its 2020 Mutual Evaluation Report in this respect, MONEYVAL notes. Notably, the amendments introduced by Georgia in 2023 to its anti-money laundering legislation have fully addressed the deficiencies previously identified regarding measures applicable to politically exposed persons. As a result, the country has been re-rated on recommendation 12 from “partially compliant” to “compliant”.
Out of the 40 recommendations, Georgia currently has been rated:
• “compliant” on seven recommendations
• “largely compliant” on 22 Recommendations
• “partially compliant” on 10 Recommendations, and
• “non-compliant” on one recommendation
Georgia is expected to report back in December 2024 to MONEYVAL on further progress made towards strengthening its anti-money laundering and terrorist financing system.
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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. MONEYVAL evaluates 33 states and territories (*) and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems and to counter proliferation financing.
