National Bank: Georgia’s legislation, practices in line with int’l standards according to OECD

The National Bank of Georgia on Thursday said the country’s current legislation and practices were in line with international standards according to the Organisation for Economic Co-operation and Development.

The body added the OECD had evaluated Georgia’s compliance with international standards of legislation and practice related to information exchange and transparency for payment purposes.

The OECD report highlights the progress made by Georgia in terms of access to banking information. The legal framework and existing practices in the state in this area have been effectively evaluated”, the National Bank said.

It also said the report praised the role of Georgia’s banking sector in obtaining information about owners of the companies, as well as the supervisory framework of the National Bank in terms of preventing money laundering and financing terrorism.

The OECD assessment was started in March 2023 following a three-year study.