Georgia: Integration Committee with Europe discusses Law on Money Laundering

Tbilisi: The Integration Committee with Europe discussed the amendments to the Law on Money Laundering and Promotion of Terrorism Financing”. Following the discussions, it was remarked that the legislative changes will require accountants to reflect the risks of money laundering and terrorism financing related to their activities; tighten the limits of spreading the law on accountants.

There will be a record in the law that will allow the accountant to stop the process of taking preventive measures and inform the financial institutions to monitoring service; bill will define jurisdiction to carry out financial monitoring service Operational and strategic analysis.

 According to Valerian Khasashvili, the head of the Financial Monitoring Service, accepting changes, the country will take into account the recommendations of the European Council’s chosen experts evaluating measures against money laundering (MONEYVAL) and as a result, it will be possible to request an increase in the rating on all of the recommendations.

 According to Maka Bochorishvili, Chairman of the Committee for Integration with Europe, implementation of recommendations in one direction is important for our country.

 “Georgia has made a statement about joining the unified Euro payment area and one of the prerequisites there is to comply with the recommendations of MONEYVAL. Accordingly, the implementation of these changes can also be considered from this point of view,” – said Maka Bochorishvili.

At the same time, the Integration Committee with Europe also conducted discussions on  changes to the Law on Labor Migration, with subsequent bills.

The chairman of the Committee, Botchorishvili stated that Georgia is entering a new stage of relations with the EU and the prospect of EU membership has arisen, it is time to prepare for full integration into the EU. This also means readiness for integration into the EU market, including into the labor market. 

The issue of labor migration is complex and requires the involvement of various state agencies. Step-by-step response to all the challenges that exist in this direction, in order to protect the rights of our citizens and the interests of the state.”

Zurab Kvaratskhelia

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