The Council of Europe’s Committee of Experts on the evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has positively assessed the measures implemented by the National Bank of Georgia to prevent money laundering and terrorist financing (AML/CFT) specifically in the context of virtual assets and virtual asset service providers (VASPs). As a result, Georgia’s compliance rating with Recommendation 15 of the Financial Action Task Force (FATF) has improved from “Partially Compliant (PC)” to “Largely Compliant (LC)”. Notably, Georgia is one of only seven MONEYVAL CoE member states—out of 27—to achieve a “Largely Compliant” rating.

“Georgia has taken serious steps to ensure its compliance with R.15. This includes measures to comply with the requirements related to the application of new technologies, and regulation of the VASP activities”, highlights the Moneyval Report.

Particularly noteworthy is the support provided by the Organization for Security and Co-operation in Europe (OSCE) in the development of regulatory and supervisory framework for Virtual Asset Service Providers.

Background information: In addition to the legislative changes enacted since 2023, the National Bank of Georgia has enacted legislative changes and introduced numerous initiatives aimed at strengthening its AML/CFT regime. These efforts have been led by the NBG’s Anti-Money Laundering Inspection and Supervision Department, with substantial contributions from the Division for the Implementation of International Sanctions and the Inspection and Off-site Supervision of Virtual Asset Service Providers. 

 

The National Bank of Georgia remains committed in its efforts to enhance the regulatory and supervisory framework aimed at combating money laundering and terrorism financing (AML/CFT). The goal is to ensure compliance with FATF international recommendations while fostering the sustainable development of a culture of effective AML/CFT risk management within the virtual asset and VASP ecosystem.