Accountants, Auditors, Supervisors and the FIU discuss effective AML/CFT compliance and cooperation

Online Trainings 27 and 29 April 2022
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Accountants, Auditors, Supervisors and the FIU discuss effective AML/CFT compliance and cooperation

The Council of Europe, in cooperation with the Service for Accounting, Reporting and Auditing Supervision of Georgia (SARAS), organised two one-day on-line trainings on “Anti-money laundering/countering financing of terrorism (AML/CFT) compliance” specifically designed for auditors and accountants each.

These trainings are part of a sequence of activities to support the effective and efficient compliance of non-financial institutions with AML/CFT requirements. Through these project actions, a total of 160 accountants and auditors have improved their AML/CFT knowledge and identified actionable approaches in facing their daily professional challenges.

Meeting participants discussed the applicable international AML/CFT standards with a focus on the sector-specific obligations. Particular topics of the exchanges between practitioners and the Council of Europe experts included the how-to of a Risk Based Approach (RBA) and Customer Due Diligence; the role of auditors/accountants in establishing and advising companies; the methods available for the identification of suspicious transactions; and the relevance for cooperation between the supervising authority, the FIU and the reporting entities, and how to make that cooperation operative.

The trainings were informed by the recommendations for auditors and accountants included in the  MONEYVAL 5Th Round Evaluation Report of Georgia 2020, as well as by the National Money Laundering and Financing of Terrorism Risk Assessment of Georgia (2019) which details the money laundering and terrorism financing risks to which auditors/accountants are exposed. Both framing documents were presented by a representative of the Financial Monitoring Service (Georgian FIU) who took the opportunity to also clarify and discuss with participants the AML/CFT legal framework

This capacity-building activity contributed to the efforts by Georgian authorities’ in implementing MONEYVAL recommendations, which included the establishment of effective AML/CFT supervision, and the development of a sound understanding by supervisors and obliged entities of the AML/CFT risks associated with the sector, as well as the relevant AML/CFT obligations.

The activity was organised in the framework of the project “Enhancing the Systems of Prevention and Combating Corruption, Money Laundering and Terrorist Financing in Georgia”, funded by the European Union and the Council of Europe and implemented by the Council of Europe in their Partnership for Good Governance II.