25/04/2024
15:47
Economic
The National Bank of Georgia responded to reports about increased risks of money laundering and possible evasion of international sanctions from recent amendments to the domestic tax code by rejecting them as speculation.
Commenting on the reports by unspecified sources, the Bank said the amendments would “not lead to a change in the processes in the financial system”.
"The origin of the funds and the company's founding documents will be scrutinized to the same high standards as before Amendments to the tax code, which refer to the exemption from profit or income tax of foreign enterprises registered in a country with preferential taxation and partner natural persons, do not apply to and do not regulate banking transactions, since the deposit or withdrawal of funds is not taxed separately”, - the National Bank of Georgia said.
The National Bank said domestic commercial banks had implemented the highest standards” of reporting and transparency.
"The financial system has internal systems and control mechanisms that minimize the risks of money laundering and terrorist financing, as well as sanctions evasion. That is why, despite the existing geopolitical challenges, there have not been any cases of execution of a transaction by a sanctioned person”, the NBG declared.
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