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Acting President of the National Bank of Georgia, Archil Mestvirishvili, stated that the bank not only monitors compliance with financial sanctions but also extends its supervision to virtual asset service providers. He made this statement when submitting a report to the DPR.
Mestvirishvili emphasized that last year Georgia’s financial sector demonstrated a special commitment to countering money laundering and the financing of terrorism. This was proven when they aligned themselves with the sanctions imposed by the European Union, the United States and the United Kingdom against Russia and Belarus.
“We have set up a separate department for monitoring sanctions. Compliance with sanctions, especially in the financial sector, is very important. The National Bank is dedicated to complying with these sanctions,” said Mestvirishvili.
Highlighting the importance of managing virtual assets, he referred to the law passed last year regarding virtual asset service providers. According to this law, the National Bank is authorized to monitor and supervise these service providers to prevent money laundering activities. The implementation of these controls will become mandatory from 1 September of the current year.
Metsvirishvili’s comments underscore the Georgia financial sector’s commitment to upholding financial integrity and highlight the growing importance of virtual asset regulation in today’s financial landscape.
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