Georgia: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
IMF Staff Country Reports, January 8, 2013
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- Georgia: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
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Bibliographic details
- Published: January 8, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475529982.002
Executive summary
- The Georgian antimoney laundering (AML) and combating the financing of terrorism (CFT) regime has significantly improved since 2007.
- Technical deficiencies, poor implementation, and limited resources undermine the effectiveness of the financial intelligence unit (FIU) and AML/CFT supervision.
- Georgia has a comprehensive legal framework in place criminalizing both ML and FT as autonomous offenses and no shortcomings have been identified.
- Georgia has established a framework to implement the relevant United Nations Security Council Resolutions (UNSCRs).
Key findings
- Improvements: Significant progress in the AML/CFT regime since 2007.
- Legal framework:
- Criminalization of money laundering (ML) and terrorist financing (FT) as autonomous offenses.
- No shortcomings identified in the legal framework with respect to criminalization.
- Framework established to implement relevant UNSCRs.
- Institutional effectiveness:
- The financial intelligence unit (FIU) is undermined by technical deficiencies, poor implementation, and limited resources.
- AML/CFT supervision is similarly undermined by poor implementation and limited resources.
Subjects and keywords (as provided)
- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Legal support in revenue administration, Money laundering, Revenue administration, Terrorism financing
- Keywords: AML law, Anti-money laundering and combating the financing of terrorism (AML/CFT), beneficial owner, central bank, CFT law, CFT obligation, court order, CR, criminal offense, economic activity, electronic money, FMS decree, Global, ISCR, law of Georgia, Legal support in revenue administration, Money laundering, Terrorism financing