Tbilisi (GBC) - The Parliament has approved the so-called "FARA" bill in its third and final reading. The bill, initiated by the Georgian Dream faction, was adopted with 86 votes.
During the voting session, Speaker of Parliament Shalva Papuashvili stated, "A law identical to the American standard has been adopted."
The final version of the law is titled the "Foreign Agents Registration Act." Alongside it, amendments to the Criminal Code have also been approved.
The law regulates the registration of entities as foreign principals’ agents, with its enforcement assigned to the Anti-Corruption Bureau.
Under the Georgian Dream-proposed legislation, the terms foreign principal’s agent and foreign power are defined. The bill regulates the following issues: The process for applying for registration as a foreign principal’s agent and ensuring the transparency of related documents. The obligation for registered foreign principal’s agents to submit an annual financial declaration. The procedures for deregistering an entity as a foreign principal’s agent. The monitoring process to identify foreign principal’s agents and verify compliance with the law’s requirements.
Failure to register as a foreign principal’s agent or non-compliance with the law’s provisions will result in criminal liability.
