The Budget and Finance, and the EU Integration Committees, at the joint sitting, deliberated and approved the Draft Law on Facilitating the Prevention of Money Laundering and the Financing of Terrorism for the I reading and expedited consideration.

The Draft was introduced by the Parliamentary Secretary of the Government, Vakhtang Bachiashvili.

The development of the amendments is conditioned by the gaps detected in the law and aims at the consideration of the recommendations of the CoE Committee of Experts - MONEYVAL, and the UN Financial Action Task Force.

According to the reporter, the scope of the law encompasses countering money laundering and financing terrorism.

Pursuant to the Draft, access to the monetary assets and other property for the sanctioned individuals shall be restricted.

A new Chapter is introduced to the Law, regulating the administrative proceedings and administrative liabilities, which ensures effective implementation of the financial sanctions and mitigates the offenses and failure risks.

For the first offense, natural persons or legal entities shall receive a warning, and a fine of 1000 GEL for the repeated offense.

The Financial Monitoring Service is assigned to ensure a response to the hereof administrative offenses.

The Draft will enhance the position of the country in international ratings and boost the reputation in the global score. Besides, the Draft will increase the efficiency of the prevention of terrorism and the necessary sanctions, enabling timely and full restrictions of the assets of the sanctioned individuals.