Financing of Terrorism (MONEYVAL) carried out an onsite visit to Georgia from 4 to 15 November 2019.
The delegation was composed of MONEYVAL experts with a legal, law enforcement and financial background and supported by members of the MONEYVAL Secretariat. The delegation has been received by the Deputy Head of the Georgian Financial Intelligence Unit and by the First Deputy of the General Prosecutor’s Office. The delegation met with the authorities responsible for the Georgian anti-money laundering and countering the financing of terrorism (AML/CFT) system (i.e. competent ministries, criminal justice and operational agencies, financial sector bodies and supervisors of businesses and professions with AML/CFT obligations). The delegation also held meetings with a great number of private stakeholders (e.g. financial institutions, notaries, lawyers, real estate agents, and casinos) and representatives from non-profit organizations.
The delegation is tasked with analyzing – in the form of a mutual evaluation report – Georgia’s level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of Georgia’s AML/CFT system, and with providing recommendations on how the system could be strengthened.
The report will be scheduled for discussion and adoption at MONEYVAL’s 60th Plenary meeting: 29 June – 3 July 2020.