Georgia

New Documents

Japan Announces Entry Date of Tax Convention with Georgia

The Japanese Ministry of Finance announced that its tax convention with the government of Georgia will enter into force on July 23, 2021.

July 6, 2021

GRECO Issues Second Compliance Report on Georgian Anti-Corruption Efforts

The Council of Europe’s Group of States against Corruption published a second compliance report on Georgia under the fourth evaluation round, highlighting the country’s progress to implement anti-corruption recommendations with regard to members of parliament, judges and prosecutors.

April 13, 2021

GRETA Publishes Third Round Evaluation on Human Trafficking Measures in Georgia

March 23, 2021

Georgia FMS Updates Terrorism Sanctions List

November 10, 2020

Japan, Georgia Agree to New Tax Convention

November 9, 2020

News

Weekly Roundup: JPMorgan Compliance Officer Flagged Corrupt Nigerian Payment, Ernst & Young Ignored Wirecard Red Flags, and More

Wirecard chief operating officer shared links with U.S.-convicted money launderer, Denmark claims EU privacy rules hinder AML compliance, and more, in the weekly roundup.

May 7, 2021

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

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 a handful of qualified and competent digital forensic analysts. In particular, cryptocurrency is unregulated in Georgia and is an area that the country should address, along with its gaming industry. Georgia has an adequate legal and institutional framework for investigating and prosecuting money laundering offenses. New legislation passed in 2019 extended enhanced due diligence requirements to apply to both domestic and foreign politically exposed persons. 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 2020, 36 money laundering prosecutions were initiated, compared to 25 in 2019. The State Department highlights that 2020 also saw two people convicted of money laundering.
-Source: 2021 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 : 45/179
Score : 56/100

Tax Justice Network i

Rank : 44/176
Score : 57/100