GEORGIA AML/CFT MUTUAL EVALUATION REPORT

On 2 November, a news release from Moneyval says that its mutual evaluation report has urged the Georgian authorities to strengthen the practical application of their measures to combat money laundering and financing of terrorism. The report says the Georgia needs to improve the understanding of risks in the following areas: use of cash in the economy; the real estate sector; trade-based money laundering and terrorism financing (including in free industrial zones of Georgia); the activities of legal persons; and the use of non-profit organisations (NPO).  The report also notes that there are important limitations in place on the financial intelligence that can be obtained upon request from the Financial Monitoring Service by law enforcement authorities, when investigating ML, and associated predicate offences.

https://www.coe.int/en/web/portal/-/anti-money-laundering-georgia-should-step-up-using-financial-intelligence

https://search.coe.int/directorate_of_communications/Pages/result_details.aspx?ObjectId=0900001680a029a2

https://rm.coe.int/moneyval-2020-20-5th-round-mer-georgia/1680a03271

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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