The National Bank of Georgia [NBG] issued a statement declaring that there was no basis for disconnecting Georgia’s financial system from the SWIFT global financial messaging network.

“The Georgian banking and financial sectors consistently comply with both Georgian legislation and international sanctions regimes. Within the framework of both on-site and remote supervision, the NBG continuously carries out the relevant oversight processes. Our foreign partners positively assess the Georgian banking and financial sector’s full compliance with sanctions regimes. The level of compliance with international standards in preventing money laundering is high, as confirmed by the evaluations of the Council of Europe’s Committee of Experts (MONEYVAL). Additionally, the NBG’s efforts to align the financial system and legislation with European regulations consistently receive positive evaluations.

The system is notably transparent, and as a result, investor confidence in it is increasing. Considering all of the above, we would like to emphasize that there is no basis for disconnecting the Georgian financial system from the Society for Worldwide Interbank Financial Telecommunication (SWIFT)”, - reads the statement.