The Committee discussed the Draft Law on Money Laundering and Facilitation of Elimination of Financing of Terrorism, binding the accountable persons to reflect the risks of money laundering and financing of terrorism related to their activity; establishing stricter scopes of restriction of the application of the law on accountable persons; introducing a new record allowing the accountable person to terminate the preventive remedies and notify the Financial Monitoring Service; and determining the authority of the FMS to conduct the operational and strategic analysis.
As FMS Head, Valerian Khasashvili notes, the Draft ensures the consideration of the MONEYVAL recommendations against money laundering and, as a result, increases the rating of estimation of certain recommendations.
Chair of the Committee, Maka Botchorishvili noted that fulfillment of the recommendations is important for Georgia in yet another direction.
“Georgia has submitted the application for accession to the Single Euro Payments Area (SEPA) and the fulfillment of MONEYVAL recommendations is set out as a precondition. Hence, the legal amendments can be realized in this direction as well,” she said.
