The Acting President of the National Bank of Georgia, Archil Mestvirishvili, stated that the bank has not only been monitoring the observance of financial sanctions but also expanded its oversight to virtual asset service providers. He made this declaration while presenting a report to the Parliament.

Mestvirishvili emphasized that last year the financial sector of Georgia showed particular commitment to counteracting money laundering and terrorism financing. This was evident when they aligned with sanctions imposed by the European Union, United States, and United Kingdom against Russia and Belarus.

“We have established a separate department for sanction monitoring. Compliance with sanctions, particularly in the financial sector, is extremely important. The National Bank is dedicated to observing these sanctions,” said Mestvirishvili.

Highlighting the importance of managing virtual assets, he referred to the law passed last year concerning virtual asset service providers. According to this law, the National Bank is empowered to monitor and supervise these service providers to prevent money laundering activities. Implementation of this oversight will become obligatory from September 1st of the current year.

Metsvirishvili’s comments underscore the Georgian financial sector’s commitment to upholding financial integrity and highlight the growing importance of virtual asset regulation in today’s financial landscape.