Tbilisi (GBC) - Acting Governor of the National Bank of Georgia Natia Turnava called the positive assessment of the measures taken by the National Bank to promote the prevention of money laundering and terrorist financing by MONEYVAL “very gratifying” and stated that this is a very important organization of the Council of Europe that monitors the fight against money laundering and terrorist financing.
According to Turnava, this is a recognition of the fruitful work of the National Bank of Georgia and its team.
“The National Bank of Georgia supervises virtual asset service providers, that is, organizations whose activities are related to virtual/crypto assets. We have worked very hard to strengthen our supervisory framework precisely in the direction of money laundering. This is high recognition, recognition of the effective work of our team. It is interesting that out of the 27 Council of Europe member states assessed by MONEYVAL, only 7 countries, and now Georgia, have such a high score in this regard. This is an essential broad compliance with the framework, with our framework legislation. "I think this is a really important recognition that will give us more incentive to further improve our team's work in this area," said Turnava.
The Council of Europe's Select Committee of Experts on Anti-Money Laundering and Counter-Terrorism Financing (Moneyval) has positively assessed the measures taken by the National Bank of Georgia to promote the prevention of money laundering and terrorist financing (AML/CFT) in relation to virtual assets and virtual asset service providers. Georgia's compliance rating with Recommendation 15 of the Financial Action Task Force (FATF) has improved from "Partially Compliant" to "Largely Compliant". It is worth noting that, according to Moneyval, only 7 out of 27 Council of Europe member states, including Georgia, have a "Largely Compliant" rating.