The Project  on “Combating Money Laundering and Terrorism Financing in Georgia” is one of the four National Components of the joint Council of Europe/European Union “Eastern Partnership Programmatic Co-operation Framework (PCF)” Programme “Fight against corruption and fostering good governance/Fight against money-laundering” covering the six Eastern Partnership countries. The Project aims at contributing to promote democracy and the rule of law through prevention and control of money laundering and terrorist financing, in accordance with European and other international standards.

Retour Promoting gambling sector’s compliance to anti-money laundering requirements in Georgia

Promoting gambling sector’s compliance to anti-money laundering requirements in Georgia

On 23-24 November 2020, the Council of Europe in cooperation with the Financial Monitoring Service of Georgia (Financial Intelligence Unit of Georgia) organised an online training on “Anti-money laundering/countering financing of terrorism compliance in the gambling sector, including land based and online casinos”.  

The event brought together 33 representatives of competent authorities (regulatory and supervisory institutions) and of the gambling business sector (land based and online casinos) to raise their awareness on international standards on anti-money laundering and countering the financing of terrorism (AML/CFT). Participants got acquainted with the main principles of a Risk Based Approach (RBA) to AML/CFT, KYC (Know your customer), effective AML/CFT supervision, reporting of suspicious transactions and the importance of interagency cooperation.

The Council of Europe expert enriched the discussion by sharing the Maltese experience and practical examples of the application of the standards to both online and land-based casinos. Linking the training contents directly to the current Georgian reality, the representative of the Financial Monitoring Service of Georgia (FIU of Georgia) discussed the current national AML/CFT requirements and the risks identified under the Money Laundering and Terrorist Financing Risk Assessment Report of Georgia (2019) for the Georgian gambling business sector.

Participants benefited from the discussion held between the Council of Europe expert, the representative of the FMS and the gambling business sector on challenges met during their professional activity and their possible solutions. In conclusion, they unanimously recognized the importance of close cooperation and coordination between the relevant institutions and the private sector in order to overcome the deficiencies identified in the 5th MONEYVAL Evaluation Report of Georgia (September 2020).

This activity was organised within the EU/CoE Partnership for Good Governance Project “Enhancing the systems of prevention and combating corruption, money laundering and terrorist financing in Georgia” (PGG II-Georgia), launched in January 2019.

23-24 November 2020
  • Diminuer la taille du texte
  • Augmenter la taille du texte
  • Imprimer la page

Through its activities, the Project aims at achieving the following results:

  • Elaborate proposals aimed at ensuring compliance of Georgian legislation and sub-legal acts with applicable European and international standards;
  • Promote a better understanding of money laundering/terrorism financing at the national and sectorial level and to elaborate mitigating measures;
  • Reinforce the supervisory and regulatory framework of preventive measures for sectors such as insurance, casinos, lawyers, notaries, dealers in precious metals and stones, real estate agents and NPOs;
  • Enhance beneficial ownership and transparency of legal persons;
  • Enhance authorities’ capacities to investigate, prosecute and adjudicate money laundering and economic crime cases.

Assistance activities in each field will include assessments, provision of expert advice, workshops, trainings, and roundtables, as agreed with Project beneficiary institutions. The Project scope and expected deliverables come as a result of discussions with key national institutions in the field of anti-money laundering and terrorist financing, such as the Ministry of Finance, Ministry of Justice, and the Office of the Chief Prosecutor of Georgia.

The Project will last until the end of 2017 and is being implemented by the Economic Crime and Cooperation Unit of the Council of Europe Directorate General of Human Rights and Rule of Law, Department of Information Society and Action against Crime.

Senior Project Officer, Tea Zarnadze

[email protected]