Council of Europe’s
MONEYVAL Committee published today a
report with a detailed action plan on measures to combat money
laundering and terrorist financing in Georgia.
assessment highlights the country’s improvement in legislation with
respect to the criminalisation of money
laundering and financing of terrorism and the preventive measures
for financial institutions. Progress has also been made with regard
to the effective use of the money laundering criminal provisions and
significant sums have been confiscated in the context of money
laundering offences since 2005.
Georgia exchanges information with international Financial
Intelligence Units (FIUs) and its framework for mutual legal
assistance is solid and allows for the provision of a wide range of
assistance to foreign countries in the context of criminal
investigations and prosecutions.
However, the report underlines that weaknesses remain with regard to
compliance with key elements of the standards, such as the
effectiveness of the financial intelligence unit.
addition, there are still major loopholes in the transparency of
legal entities, measures to prevent terrorist financing and
preventive measures for designated non-financial business and
professions (DNFBPs). With the exception of notaries, DNFBPs are not
Financial Intelligence Unit needs to strengthen performance of its
core functions. Moreover, the lack of analytical tools, the weak
quality of reporting and the limited access to information results
in a poor quality of analysis of suspicious transaction reports.
report was prepared in co-operation with the International Monetary
Fund (IMF). MONEYVAL will continue to monitor implementation of the
recommendations by Georgia through its regular procedures, which
require the country to submit a follow up report by July 2014.
* * *
The Committee of Experts on the Evaluation of Anti-Money Laundering
Measures and the Financing of Terrorism (MONEYVAL)
is a Council of Europe body that assesses compliance with the
relevant international and European standards to counter money
laundering and terrorist financing, and makes recommendations to
national authorities. 28 Council of Europe member states are
currently subject to MONEYVAL’s evaluation procedures, as well as 5
other jurisdictions (Israel, the Holy See including the Vatican City
State, and the UK Crown Dependencies of Jersey, Guernsey and the
Isle of Man).
Link to executive summary
Link to the addendum