Self-Governance Committee Chair: Georgia has highest ratings regarding sanctions, money laundering, fight against terrorism

“The U.S. tries its best to directly or indirectly keep ties with Iran, to subject it to sanctions control; however, as the statement from the National Bank of Georgia says, the sanctioned entity never underwent the necessary licensing process and did not obtain the right to operate in Georgia,” said Irakli Kadagishvili, Chairman of the parliamentary Self-Governance Committee.

According to Kadagishvili, the company has not conducted any transactions through the National Bank of Georgia or via Georgia.

“It has been established that this organization cannot be tracked in the Public Registry for a long time; it is cancelled. Georgia is the country which has received the highest ratings regarding sanctions, money laundering, the fight against terrorism and similar crimes. This sanctioned organization has no link with Georgia,” he said.

The National Bank of Georgia (NBG) said in its statement that the entity sanctioned by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) is not NBG’s Regulated Entity.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned a Georgia-based crypto company. According to the agency, the company was involved in a covert network used by the Islamic Revolutionary Guard Corps to evade sanctions.