Abstract
Money laundering is a social problem that affects any society around the world. This problem is universal and global and has no economic, cultural or social boundaries. The article describes the meaning of the term money laundering and preventive measures to prevent it. The legislative framework, which regulates the process of prevention of money laundering and financing of terrorism in Georgia, is reviewed. The ways of identifying individuals and legal entities are described, which is one of the most important issues for determining the beneficial owner and reducing the risks of money laundering. Attention is focused on the role of financial institutions and monitoring persons in the mentioned process. Key words: money laundering, risks, beneficial owner, identification, verification.
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