24/12/2014

On December 24, 2014 the law of Georgia "on Introducing Changes to the Law of Georgia on Facilitating the Prevention of Illicit Income Legalization" was adopted by the Parliament of Georgia. The Law was officially published on December 31 on the website of the LEPL - Legislative Herald of Georgia. Adopted legislative amendments aims to ensure the further implementation of FATF Recommendations. Under the mentioned changes the law of Georgia on "Facilitating the Prevention of Illicit Income Legalization" has been extended on Payment Service (including electronic money) Providers; revisions have been made of certain legal definitions established under the law, as well as of transactions subject to monitoring for financial institutions, obligations for identification/verification of the client; certain changes have also been introduced to the other provisions of the AML/CFT Law.