GEORGIA: AML/CFT ASSESSMENT FOLLOW-UP REPORT

On 28 November, FATF-style regional body MONEYVAL issued a follow-up report on Georgia.  It says that the country has demonstrated good progress and has been upgraded from “partially compliant” to “largely compliant” with the FATF Recommendation 29on FIU.  However, other developmentswere not sufficient to upgrade the ratings of Recommendations 22, 28 or 35, as moderate deficiencies in relation to the scope of covered designated non-financial businesses and professions and the sanctioning regimes remain.  Georgia is expected to report back to MONEYVAL on further progress to strengthen its implementation of AML/CFT measures a year’s time.

https://www.coe.int/en/web/human-rights-rule-of-law/-/moneyval-report-on-georgia-improvements-in-the-financial-monitoring-service-powers-to-disseminate-information-to-law-enforcement-authorities-but-other

https://rm.coe.int/moneyval-2022-12-fur-ge/1680a92f17

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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