MONEYVAL assessment of Georgia on money laundering (ML) and terrorism financing (TF)
Tbilisi. Money laundering risks in Georgia have existed and discussed by relevant international organisations as well as strategic partners. Money laundering risks of Georgia has been discussed by the US State Department for years.
“According to the last US State Department report bank fraud and cybercrime are significant generators of illicit proceeds in Georgia, while social engineering schemes are also used to commit mass marketing fraud. The general economic situation in Georgia, which is far from being a developed economy, forms fruitful ground for money launderers to find front men. At the same time, the unchecked growth of the gaming industry, including internet gaming, is concerning”.
Source: idfi.ge
