Georgia

New Documents

The Georgia Financial Monitoring Service announced the update of the list of sanctioned persons with respect to terrorism or the support of terrorists.

The Japanese Ministry of Finance announced agreeing to a new tax convention with the Government of Georgia.

News

Enforcement Actions

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Important Facts

  • The U.S. State Department labels Georgia as a major money laundering country. Much of the illicit proceeds in Georgia are derived from bank fraud and cybercrime. Due to Georgia’s location in a significant and well-established trafficking corridor, bulk cash smuggling and money laundering are notable threats. The State Department underlines that recent international investigations revealed that Georgia is a popular virtual currency mining location, and that the country only has handful of qualified and competent digital forensic analysts. In October 2019, Georgia adopted new legislation and an assessment tool aimed at creating effective AML/CTF monitoring and enforcement mechanisms. Prior to this legislation, enhanced due diligence (EDD) measures only applied to foreign politically exposed persons (PEPs), but the new law extends the requirement to apply EDD measures to domestic PEPs and the heads of international organizations. The law also increases the ability of law enforcement to retrieve information from Georgia's Financial Monitoring Service for investigating money laundering and terrorist financing. In the fiscal year 2019, 25 money laundering prosecutions were initiated, compared to eight during 2018. The State Department highlights that 2019 also saw six people, including a legal entity, being convicted of money laundering.
-Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 6 High : 0
Largely Compliant : 21 Substantial : 2
Partially Compliant : 12 Moderate : 8
Non-Compliant : 1 Low : 1

BASEL i

Rank : 103/141
Score : 4.54/10

TRANSPARENCY INTERNATIONAL i

Rank : 44/180
Score : 56/100

Tax Justice Network i

Rank : 44/176
Score : 57/100