The Georgian government has proposed fast-tracked amendments to the Law on Preventing Money Laundering and Terrorist Financing, requiring all individuals and companies—not just accountable entities—to immediately block access to funds or property belonging to sanctioned persons.

The changes aim to address gaps identified by MONEYVAL before its December 15–18 plenary session. According to the government, current legislation does not fully align with international standards, contributing to Georgia’s “partially compliant” ratings on FATF Recommendations 6 and 7 and placing the country under a FATF compliance improvement procedure.

Under the draft amendments, sanctioned individuals would be barred from accessing any assets or financial services they own or control, except where the UN Security Council allows exemptions. Citizens and companies would need to verify sanction status via the UN website, the Financial Monitoring Service, or the National Bureau of Enforcement’s debtor registry.

A new enforcement chapter introduces administrative liability: a first violation results in a warning, while repeat offenses incur a 1,000 GEL fine, overseen by the Financial Monitoring Service. The amendments also require entities to notify the Service when they apply financial restrictions and to include information about restricted assets in suspicious transaction reports.