03/07/2023

On May 16, 2023 amendments to Law of Georgia “On Facilitating the Suppression of Money Laundering and Terrorism Financing“ (AML/CFT law) were adopted by the Parliament of Georgia. Amendments answer to the recommendations made by MONEYVAL committee to Georgia. Amendments were related to Customer Due Diligence measures; the definition of Money Laundering now makes a reference to all the relevant Articles in Criminal Code of Georgia; AML/CFT law now precisely states about the power of FIU to make operational and strategic analysis; definitions of PEP and close associates are now fully in line with MONEYVAL recommendations. The full text of the amendments is published on the Legislative Herald of Georgia - https://matsne.gov.ge