The National Bank of Georgia states that there is no basis for disconnecting Georgia’s financial system from SWIFT.
According to the National Bank, Georgia’s banking and financial sector strictly adheres to both Georgian legislation and international sanctions regimes.
“As part of both on-site and remote supervision, the NBG continuously carries out the relevant oversight processes.
Georgia’s banking and financial sector’s full compliance with sanctions regimes is positively assessed by our international partners. The sector’s level of compliance with international standards in terms of anti-money laundering is high, which is also confirmed by assessments from the Council of Europe’s expert committee (MONEYVAL). The NBG’s efforts to bring the financial system and legislation closer to EU regulations are also consistently praised.
The system is exceptionally transparent, which has led to growing trust from investors.
Considering all of the above, we emphasize that there is no basis for disconnecting Georgia’s financial system from the Society for Worldwide Interbank Financial Telecommunication (SWIFT),” the National Bank stated.
For reference, the European Parliament’s resolution calls on the European Union to consider additional restrictive measures, such as disconnecting from SWIFT or imposing sectoral sanctions, “aimed at cutting off the financial flows and revenue sources of the Georgian Dream regime.”
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