Within the EU funded project on “Combating money laundering and terrorist financing in Georgia” the Council of Europe has organized a two days training for Georgian  anti-money laundering and countering of financing of  terrorism (AML/CFT) supervisory agencies on transparency of beneficial ownership in the context of legal persons and legal arrangements.

The training was attended by representatives of the National Bank of Georgia, Insurance State Supervision Service of Georgia, Ministry of Finance of Georgia, Revenue Service of Georgia, National Agency of Public Registry, Chamber of Notary, Georgian Bar Association and the recently established Accounting, Reporting and Auditing Oversight Service. In the course of the two days, Georgian authorities were familiarized with issue specific international standards, namely the 2012 FATF (Financial Action Task Force) Recommendations and good practices from other countries. Second day of the training was specifically dedicated to the role of private sector supervisory entities under the AML/CFT legislation in Georgia.

The training represents an initial step in bringing the topic closer to authorities in Georgia. It will be followed by Guide on implementation of international standards and good practice on transparency of beneficial ownership in Georgia.