Georgia has improved its measures for tackling money laundering and terrorist financing, concludes Council of Europe body MONEYVAL in a follow-up report released today, but additional steps are necessary in complying with the recommendations on which Georgia is still rated partly compliant or non-compliant.
Georgia has made progress in addressing the shortcomings identified in its 2020 Mutual Evaluation Report , MONEYVAL notes. Notably, the amendments introduced by Georgia in 2024 to its anti-money laundering legislation have largely addressed the previously identified deficiencies which concerned measures related to risk assessment and virtual assets service providers. As a result, the country has been re-rated from “partially compliant” to “largely compliant” on two Financial Action Task Force’s (FATF) recommendations which concern assessing risks and new technologies.
Overall, out of the 40 recommendations provided in 2022, Georgia currently has been rated:
• “compliant” on seven recommendations
• “largely compliant” on twenty-four recommendations
• “partially compliant” on eight recommendations, and
• “non-compliant” on one recommendation, that related to non-profit organisations.
Georgia remains under the enhanced follow-up process and is expected to report back within one year’s time on the overall progress in strengthening its AML/CFT measures. Prior to that, Georgia will report to MONEYVAL on progress made in relation to the FATF Recommendation 6 (targeted financial sanctions related to terrorism and terrorist financing) at the next plenary meeting scheduled for June 2025.
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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. MONEYVAL evaluates 33 states and territories and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems and to counter proliferation financing.
