Georgia

New Documents

Georgia Financial Monitoring Service Highlights Moneyval Approval of Country’s Mutual Evaluation Report

The Financial Monitoring Service of Georgia issued a press release announcing the discussion and approval of the mutual evaluation report of Georgia by the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism.

October 13, 2020

Georgia Updates Terrorism, Terror Financing Sanctions List

The Financial Monitoring Service of Georgia announced updates to the sanctions list with respect to terrorists and persons who support terrorists.

October 8, 2020

Georgia Financial Monitoring Service Updates Terrorist Sanctions List

August 11, 2020

Georgia Publishes First Money Laundering, Terrorist Financing Risk Assessment

December 18, 2019

Georgia Adopts New AML/CTF Law

December 12, 2019

News

Midweek Roundup: Standard Chartered DPA Extended, US Prosecutors Spare Credit Suisse in ‘Tuna Bond’ Indictment, and More

U.S. prosecutors charge high-profile Russian attorney with obstructing money-laundering investigation, Democrats pledge investigation into Trump real-estate deal, and more, in the midweek roundup.

January 9, 2019

Midweek Roundup: Ex-Georgian Leader Accuses Credit Suisse of AML Lapses, EU Official Warns on Russian Bond Sale, and More

Former Brazilian President Luiz Inacio Lula da Silva could escape arrest and imprisonment for alleged money laundering, the governor of Bangladesh’s central bank resigned after computer hackers managed to steal $81 million, and more, in the midweek roundup.

March 16, 2016

Blacklisted Iranians Sue to Regain Ownership of Georgian Bank

June 26, 2015

Weekly Roundup: A Jury Convicts Two for Material Support of Terrorism, Narcotics Traffickers Invest in South Texas, and More

October 21, 2011

Enforcement Actions

0 Items Found

Key Documents

Georgia Requires Lawyers to Monitor AML/CTF Activities Under Amended Legislation

November 27, 2013

Georgia Outlines Requirements for Sound Operation of Commercial Banks

September 22, 2011

Georgia's Regulator Revises AML/CTF Regulation for Commercial Banks

June 17, 2014

Georgia Stipulates AML Obligations of Credit Institutions

June 27, 2013

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

Technical Effectiveness
Compliant : 3 High :
Largely Compliant : 21 Substantial :
Partially Compliant : 21 Moderate :
Non-Compliant : 3 Low :
Not-Applicable : 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