The Council of Europe continues to support the Ministry of Justice and the Bar Association of Georgia in improving risk-based supervision of non-financial sector (designated non-financial businesses and professions) in anti-money laundering (AML) and countering terrorist financing (CFT).
A workshop on 18-19 April brought together 24 participants from these two institutions as well as the Chamber of Notary and the National Agency of the Public Registry, to look into challenges, trends, and global standards for ensuring AML/CFT compliance in Georgia's non-financial sector.
Covering an array of topics including risk-based approach (RBA), AML/CFT considerations for licensing/registration processes, and the imposition of sanctions, the agenda provided a comprehensive overview of the multifaceted challenges inherent in AML/CFT supervision of non-financial sector. Through robust discussions, participants were able to identify key areas requiring heightened attention, facilitating the formulation of targeted risk assessment strategies.
By engaging with pertinent stakeholders and drawing upon international best practices, the event not only equipped participants with a deeper understanding of AML/CFT frameworks but also laid the groundwork for enhanced collaboration and coordination in addressing the evolving challenges posed by illicit financial activities. The workshop also contributed to the efforts made by Georgian authorities in addressing the shortcomings identified by MONEYVAL in the 2020 Mutual Evaluation Report, including the need to establish an effective AML/CFT supervision of designated non-financial businesses and professions as well as improving the understanding of supervisory authorities and obliged entities on the AML/CFT risks associated with various sectors.
This event is part of the European Union and the Council of Europe joint programme “Partnership for Good Governance”, co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe, in the framework of the project “Consolidating and Enhancing the Institutional and Operational Frameworks for the Prevention and Combatting of Corruption, Money Laundering and Terrorist Financing in Georgia”.
