**Georgia’s Progress in Fighting Money Laundering and Terrorism Financing**
The Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) released a report on Georgia’s progress in addressing money laundering and terrorism financing. The report was released on December 11.
**Two Recommendations Improved**
As a result of the follow-up, two recommendations have received an improved rating. These are:
* Recommendation number one: Assessing risks and applying a risk-based approach
* Recommendation number fifteen: Adopting new technologies
Both ratings were improved from “partially compliant” to “largely compliant”.
**Some Deficiencies Remain**
Despite some improvements, Georgia still has deficiencies in several areas, including:
* Non-profit organizations
* Targeted financial sanctions related to terrorism and terrorist financing (recommendations 6 and 7)
* Designated non-financial business and professions (DNFBPs) (recommendation 22)
* Real estate agents and trust and service company providers lacking anti-money laundering and countering the financing of terrorism requirements (recommendations 23 and 28)
**Next Steps**
Georgia will remain under the enhanced Follow-up process and is expected to report back to the plenary in one year’s time on the progress made in relation to recommendations remaining rated as “partially compliant” or non-compliant.
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