Back The Insurance Sector and financial intelligence unit in Georgia advance cooperation for effective compliance against economic crime

The Insurance Sector and financial intelligence unit in Georgia advance cooperation for effective compliance against economic crime

In cooperation with the Insurance State Supervision Service of Georgia, a two-day training on “Anti-money laundering/countering financing of terrorism (AML/CFT) compliance” was organised specifically designed for the insurance sector.

The training was part of a series of activities to support the effective and efficient compliance by the private sector with AML/CFT requirements, and was built on the sequence of activities specifically designed for financial institutions, and particularly focused on strengthening the understanding and application of measures with regard to Politically Exposed Persons, identification and verification of beneficial ownership and the most comment shortcomings and challenges for the sector identified by the supervisor. The training was also informed by the National Money Laundering and Financing of Terrorism Risk Assessment of Georgia (2019) which details the money laundering and terrorism financing risks to which insurance companies are exposed. The Financial Monitoring Service (Georgian Financial Intelligence Unit) acquainted the participants with the relevant findings of the national risk assessment and the MONEYVAL 5th Round mutual evaluation report of Georgia as well as provided an overview of the requirements of the AML/CFT legislation.

Training participants learnt about the applicable international AML/CFT standards and their relevance for areas like the growing health insurance sector in Georgia. Through reviewing best practices and real cases observed in Georgia, the discussions allowed for an in-depth exchange on the sector-specific risk-based approach and how it can be updated to face current or emerging AML/CFT risks. During the discussion the Council of Europe expert highlighted the importance for insurance companies to dedicate AML/CFT resources and effective AML/CFT internal policies. Participants discussed the challenges related to the implementation of customer due diligence, identification of beneficial owners, and the how-to for cooperation between reporting entities, supervisors and the Financial Monitoring Service.

This capacity-building activity contributed to the efforts by Georgian authorities’ in implementing MONEYVAL recommendations and enabling the insurance sector to mitigate the major ML/FT risks based on a sound understanding of their nature and effective use of resources.

The activity was organised in the framework of the project “Enhancing the Systems of Prevention and Combating Corruption, Money Laundering and Terrorist Financing in Georgia,” funded by the European Union and the Council of Europe and implemented by the Council of Europe in their Partnership for Good Governance II 2019-2022.

Georgia 23-24 June 2022
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Strasbourg, France Strasbourg, 1-2 July 2024
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Addressing hate speech and hate crime: regional gathering of the network of Equality Bodies from the Western Balkans and the Eastern Partnership Region

A two-day workshop on addressing hate speech and hate crime took place at the premises of the Council of Europe in Strasbourg, involving Equality bodies from the Western Balkans and the Eastern Partnership regions.  The event supported by the EU and Council of Europe, gathered 50 representatives from both regions who discussed and exchanged on the best practices, measures and common challenges when addressing hate speech and hate crime. Through monitoring and reporting, policy advocacy, raising awareness and supporting victims equality bodies play a fundamental role in protecting human rights and ensuring that all individuals are treated equally.

In her opening remarks, Angela Longo, Head of Anti-discrimination Co-operation Unit, Council of Europe, underlined the significant progress in engaging with Equality Bodies through this network, regularly exchanging best practices and addressing the challenges of hatred and intolerance in societies. She highlighted that this new chapter of discussion delves into the grey area between hate speech and hate crime, addressing issues of incitement and biases,

Representatives from Equality Bodies had the opportunity to discuss and enhance their knowledge on the Council of Europe's Committee of Ministers Recommendation to member States on combating hate crime, adopted on 7th May 2024, as well as gain a clearer understanding of EU standards in the field of hate crime. Moreover, participants engaged in exchanges with peers from the Spanish Observatory on Racism and Xenophobia (OBERAXE), who shared insights on addressing hate speech in the public discourse. The National Office Against Racial Discrimination (UNAR) in Italy provided practical examples for developing counter-narratives and raising awareness initiatives.

They also explored opportunities to advocate for legislative reform, foster multisectoral co-operation, enhance data collection, and overall improve national mechanisms to counter hate crimes.

This seminar was organised within the action “Promoting equality and combating racism and intolerance in the Western Balkans” and the project “Promoting equality and non-discrimination: towards more resilient and inclusive societies” – co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe  under the joint Programmes “Horizontal Facility for the Western Balkans and Türkiye” and “Partnership for Good Governance”.

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