Georgia may find itself on the black list of countries which do not meet the Financial Action Task Force (FATF) obligations regarding combating money laundering. Expert of the Council of Europe Silvio Camilleri said Tuesday in Tbilisi during his meeting with President of the Georgian National Bank Irakly Managadze.
According to the National Bank, Georgia will have to face serious sanctions if it does not adopt a law against money laundering.
In particular, at issue is the blocking of correspondent accounts, restricting bank procedures at an international level, etc. The National Bank noted Ukraine and Russia had already had such negative experience in the past.
The Georgian National Bank drafted a bill in 2002 on anti-money laundering measures, which was approved by parliament in the first reading.
The draft law takes heed of major FATF principles - the identification of the client, the system of internal control, participation of supervisory bodies, etc.
The draft law has been approved by the International Monetary Fund.