Tbilisi. On July 31, the analytical center
"Econometer" presented the analysis of amendments to the banking, tax
and the related legislation in the "Tbilisi Marriott" Hotel.
Reporting period covered 9 months, when the key amendments were made to the
legislation. Based on the evaluation of amendments done over the reporting
period the analytical center has concluded that the changes have considerably
altered the previous environment in the banking-financial field; in addition,
the procedure for receiving, systematization, processing and transfer to the
Financial Monitoring Service of information was established and enacted in
respect of all types of institutions providing financial services, which according
to the report has aggravated the relation terms of these financial institutions
analysis further states that the issue of the "politically active
person" or "persons in direct business relations with him/her"
became of special concern. For instance, just like other institutes providing
financial services, a currency exchange point is also obligated to clarify
whether a client is the politically active person and take reasonable measures
for identifying the monetary means and property of such a person and carrying
out the advanced monitoring.
report was prepared with the support of "Open Society - Georgia"
Foundation and it does not include recommendations. In the opinion of the
report's authors, recommendations will be developed following the public
debates and discussions.