DOCSLIB.ORG

THE FUTURE of BANKING «Over 70% of Georgia’S Residents Prefer to Pay with a Smartphone»

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
THE FUTURE of BANKING «Over 70% of Georgia’S Residents Prefer to Pay with a Smartphone» S GENERAL SPONSOR OF THE FORUM GOLDEN SPONSOR SPONSORS Media Partners PRIME ADS AD 30 April, 2018 News Making Money http://www.fi nchannel.com THE FUTURE OF BANKING «Over 70% of Georgia’s residents prefer to pay with a smartphone» well as customers have been During the last decade, the Igor Stepanov, forced to adapt. Mastercard development of smartphones Regional Director has made a number of im- has had a profound impact portant changes over the past on the way businesses oper- of Mastercard few years. Mastercard had to ate. With the percentage of overcome signifi cant chal- the global population using in Georgia and lenges to develop eff ective smartphones increasing ev- Central Asia digital tools that meet the dif- ery year, businesses are now fering needs of the countries expected to provide a fully it operates in. Also, by mod- integrated digital platform s the digitaliza- ernizing, particularly through that can provide diff erent tion process of digital services, banks cur- services. life faces sig- rently have an opportunity to nifi cant changes, diff erentiate themselves in a companies, as crowded market. A Continued on p. 4 Bank of Georgia Invests in Social Responsibility as Part of its Obligations See on p. 6 Why would we use crypto euros? See on p. 7 How DRC Carries out the Successful Resolution of Local and International Commercial Disputes See on p. 16 CARTU BANK: Strong Bank For Stronger Georgia See on p. 9 “Digitalization is the future of banks See on p. 10 CURRENCIES Bank of the future Apr 28 Apr 21 1 USD 2.4617 2.4402 is a bank oriented 1 EUR 2.9762 3.0017 100 RUB 3.9379 3.9729 on customers 1 TRY 0.6077 0.6036 See on p. 15 © 2018 The FINANCIAL. INTELLIGENCE BUSINESS PUBLICATION WRITTEN EXPRESSLY FOR OPINION LEADERS AND TOP BUSINESS DECISION-MAKERS 2 HEADLINE NEWS & ANALYSIS tthehe ffutureuture ooff bbankinganking 30 APRIL, 2018 | FINCHANNEL.COM Georgian Banking Forum 2018 Welcome to the Georgian Banking Forum’s 2018 Innovations, Performance and Risk Show, an annual event focused on future of the banking. We offer a platform for discussion and sourcing solutions to these challenges. It’s a chance to meet key decision makers across the banking sector, make live presentations for business media. Blockchain to disrupt Swiss hold on global bank system, Moody’s says lockchain has the poten- The banking systems with the smallest shares of fee and commission The banking systems with the largest shares of fee and commission in- tial to significantly re- income in revenues come in revenues duce transaction costs and time, likely cutting into bank fees and commis- Bsions, Moody’s said in a report Monday. In that scenario, Switzerland is most at risk since its massive banking industry generates half of its revenue from fees and com- missions, the ratings agency said. Switzerland is also among the nations most sensitive to block- chain technology’s potential to drastically increase the effi- ciency of cross-border payments, Moody’s said. The blockchain technology un- derlying bitcoin could hurt Swiss banks the most, according to Moody’s Investors Service. “While making cross-border at risk since its massive banking are exploring how blockchain can der transactions relative to GDP Its Zug region has already been transactions faster and less ex- industry generates half of its rev- reduce cross-border payments — excluding outliers Luxembourg dubbed “Crypto Valley” for the pensive would be credit posi- enue from fees and commissions. processing time from days to sec- and Hong Kong. The UK tops the number of digital currency busi- tive for banks, these efficiencies Blockchain technology elimi- onds. list, followed by Belgium. nesses located there. In July, the could also compress their fees nates the need for a third-party Switzerland is also among the Known historically as a hub for nation’s financial markets regula- and commissions, a credit nega- intermediary by quickly creating most sensitive to that aspect of international banking, Switzer- tor also approved the first Swiss tive,” Moody’s said in a report a permanent and secure record of blockchain technology. land has also become one of the private bank for bitcoin asset Monday. transactions between two parties. The nation ranks third on friendliest countries in the world management, a move many saw In that scenario, the ratings Bitcoin is the first application of Moody’s list of countries whose to blockchain and digital currency as potentially paving the way for agency said, Switzerland is most the technology, and many banks banks handle the most cross-bor- enthusiasts. other global banks to do the same. HEADLINE NEWS & ANALYSIS 3 FINCHANNEL.COM | 30 APRIL, 2018 tthehe ffutureuture ofof bbankinganking Digitalization: Georgia in the spotlight Mastercard company researches Georgians’ opinion on digital technologies and services, how digital bank solutions are used and what kind of innovation is in high demand SUPPORTING THE INNOVATIONS REASONS GEORGIANS CHOOSE DIGITAL: speed and time savings support easy to use digitalization of bank services 83% MORE DIGITAL INNOVATIONS ARE REQUIRED IN: healthcare education public transport BANKS AND PAYMENTS IN THE DIGITAL AGE WHERE RESPONDENTS WOULD WHAT CLIENTS WANT TO GET LIKE TO USE BANK CARDS: FROM BANKS: special offers in taxi 76% for cardholders using other while shopping online banks’ ATMs banking products with dis- counts in public transport have positive experience of digital services usage POPULAR FINANCIAL SERVICES 48% 52% 47% 38% use contactless bank card bill payments money transfers online shopping to make payments FUTURE OF DIGITAL PAYMENTS: BIOMETRICS AND SMARTPHONE PAYMENTS 74 % 44% prefer mobile phone prefer fingerprint scan as a device for payments as an authentication method during payments Digitalization of Life Research prepared by IPM Research on demand of Mastercard at Autumn, 2017. 1000 users of banking services and bank cards holders took a part in the survey. Men and women aged 20-75 years from Tbilisi, Kutaisi, Batumi, Rustavi, Zugdidi, Poti and Gori were interviewed. 4 HEADLINE NEWS & ANALYSIS tthehe ffutureuture ooff bbankinganking 30 APRIL, 2018 | FINCHANNEL.COM Igor Stepanov: «Over 70% of Georgia’s residents prefer to pay with a smartphone» s the digitalization process of life faces signifi cant changes, companies, as Awell as customers have been forced to adapt. Mastercard has made a number of important changes over the past few years. Mastercard had to overcome signifi cant challenges to develop eff ective digital tools that meet the diff ering needs of the countries it operates in. Also, by modernizing, particularly through digital services, banks currently have an opportunity to diff erentiate themselves in a crowded market. During the last decade, the development of smartphones has had a profound impact on the way businesses operate. With the percentage of the global population using smartphones increasing every year, busin esses are now expected to provide a fully integrated digital platform that can provide diff erent services. Today digital services are no longer something new and strange: they are the bare minimum that customers expect. IGOR STEPANOV, Regional Director of Mastercard in Georgia and Central Asia Q. How would you estimate cent of Europeans prefer this meth- for online payments, security is payments in the near future? If allows to turn connected devices cashless payments develop- od. Contactless card has already be- again ensured by Mastercard high yes, how may cards be trans- into payment ones. Due to tokeniza- ment in the country? Has come a symbol of speed and comfort level global standards, Mastercard formed in the future? tion, the original payment creden- Georgia made a progress in e- of payments in the country, where SecureCode is a program designed A. User experience is changing tials (16-digit account number) is economy development? 48 per cent of respondents use it for to protect consumer against un- indeed; it’s becoming more and replaced with a unique “digital ac- A. Georgia is very innovative payments. Today, we see the emer- authorized use of card, as well as more digitalized and mobile. Stud- count number” (token) which may country, and it’s moving towards a gence of a new trend, smartphone provide online merchants with ies carried out by Mastercard show be used to initiate payment activity world without cash at a steady pace. payments. We at Mastercard do a the added security of having issu- that a quarter of Europeans (24%) for wallet transactions. In 2017 the Over the last 3-4 years both, the lot together with our partner banks ing banks authenticate cardhold- would now like to pay using wear- amount of payments via MDES has number and volume of POS trans- to develop a “digital” lifestyle: in ers and qualify online transactions able devices (fi tness-bracelets, smart grown by 100 times globally, NFC actions, has grown considerably. particular, Georgian cardholders for protection against “cardholder watches etc.). Smartphone becomes payments is now a global trend, and According to the National Bank of got new opportunities for digital unauthorized” or “cardholder not number one gadget for payments we a very happy to drive it with our Georgia, non-cash payments in- payments with the launch of the recognized” chargebacks. Today globally. According to the Master- partners here. creased by 20 per cent over a year. fi rst NFC-wallets for smartphone globally Mastercard establishes card ‘Impact of Innovation’ study, Q. What about competitors, As for the contactless payments payments in the country. biometrics as the new normal for mobile payments have the high- what’s your further strategy penetration, Georgia today is among Q. And what about e-shop- safer online shopping, this shift is est potential across all countries and special off er to the con- the leaders in the region, almost ev- ping? You were mentioning a part of Mastercard’s new action – nearly 50 per cent of Europeans sumer? ery second transaction here made 41 per cent growth of online plan to help banks, retailers and put mobile phone on the fi rst place A.
Load more

Recommended publications
  • Law of Georgia Tax Code of Georgia
    LAW OF GEORGIA TAX CODE OF GEORGIA SECTION I GENERAL PROVISIONS Chapter I - Georgian Tax System Article 1 - Scope of regulation In accordance with the Constitution of Georgia, this Code sets forth the general principles of formation and operation of the tax system of Georgia, governs the legal relations involved in the movement of passengers, goods and vehicles across the customs border of Georgia, determines the legal status of persons, tax payers and competent authorities involved in legal relations, determines the types of tax offences, the liability for violating the tax legislation of Georgia, the terms and conditions for appealing wrongful acts of competent authorities and of their officials, lays down procedures for settling tax disputes, and governs the legal relations connected with the fulfilment of tax liabilities. Law of Georgia No 5942 of 27 March 2012 - website, 12.4.2012 Article 2 - Tax legislation of Georgia 1. The tax legislation of Georgia comprises the Constitution of Georgia, international treaties and agreements, this Code and subordinate normative acts adopted in compliance with them. 2. The tax legislation of Georgia in effect at the moment when tax liability arises shall be used for taxation. 3. The Government of Georgia or the Minister for Finance of Georgia shall adopt/issue subordinate normative acts for enforcing this Code. 4. (Deleted - No 1886, 26.12.2013) 5. To enforce the tax legislation of Georgia, the head of the Legal Entity under Public Law (LEPL) within the Ministry for Finance of Georgia - the Revenue Service (‘the Revenue Service’) shall issue orders, internal instructions and guidelines on application of the tax legislation of Georgia by tax authorities.
    [Show full text]
  • Decree on Approving the Provisional Regulation of the Financial Supervision Agency of Georgia
    GEORGIA DECREE ON APPROVING THE PROVISIONAL REGULATION OF THE FINANCIAL SUPERVISION AGENCY OF GEORGIA Important Disclaimer This translation has been generously provided by the Financial Supervision Agency of Georgia. This does not constitute an official translation and the translator and the EBRD cannot be held responsible for any inaccuracy or omission in the translation. The text should be used for information purposes only and appropriate legal advice should be sought as and when appropriate. DECREE N1 OF HEAD OF THE FINANCIAL SUPERVISION AGENCY OF GEORGIA April 24, 2008 Tbilisi On Approving Provisional Regulation of the Financial Supervision Agency of Georgia Pursuant to the Paragraph 5, Article 70 of the Organic Law of Georgia on National Bank of Georgia I decree: 1. Approve the attached Provisional Regulation of the Financial Supervision Agency of Georgia; 2. The Provisional Regulation shall become effective upon promulgation. 3. The validity period of the Provisional Regulation shall be defined according to Paragraph 7, Article 53 of the Organic Law of Georgia on National Bank of Georgia prior to approval of the Regulation of the Financial Supervision Agency of Georgia by the Council of the Financial Supervision Agency of Georgia. G. Kadagidze Annex Financial Supervision Agency of Georgia Provisional Regulation Chapter I General Provisions Article 1. Status and Grounds for Establishing of the Agency 1. Financial Supervision Agency of Georgia (hereinafter referred to as “the Agency”) is a legal entity of the public law, established with the National Bank of Georgia, pursuant to the Organic Law of Georgia on the National Bank of Georgia and its main objective is to exercise state supervision over the financial sector.
    [Show full text]
  • Proverb As a Tool of Persuasion in Political Discourse (On the Material of Georgian and French Languages)
    ISSN 1799-2591 Theory and Practice in Language Studies, Vol. 10, No. 6, pp. 632-637, June 2020 DOI: http://dx.doi.org/10.17507/tpls.1006.02 Proverb as a Tool of Persuasion in Political Discourse (on the Material of Georgian and French languages) Bela Glonti School of Arts and Sciences, Ilia State University, Tbilisi, Georgia; The Francophone Regional Doctoral College of Central and Eastern Europe in the Humanities (CODFREURCOR), Georgia Abstract—Our study deals with the use of proverbs as a tool of persuasion in political discourse. Within this study we have studied and analyzed the texts of Georgian and French political articles, speeches and proverbs used therein. The analysis revealed that the proverbs found and used by us in the French discourses were not only of French origin. Also, most of the proverbs found in the French discourses were used as titles of the articles. As for the Georgian proverbs, they consisted mainly of popular proverbs well known to the Georgian public. Georgia proverbs have rarely been cited as an article title. According to the general conclusion, the use of proverbs as a tool of persuasion in the political discourse by the politicians of both countries is quite relevant. It is effective when it is persuasive and at the same time causes an emotional reaction. Quoting the proverbs, the politicians base their thinking on positions. The proverb is one of the key argumentative techniques. Index Terms—proverb, translation, culture, argumentation I. INTRODUCTION The article is concerned with a proverb, as a tool of persuasion in Georgian and French political discourse.
    [Show full text]
  • Analyzing the Russian Way of War Evidence from the 2008 Conflict with Georgia
    Analyzing the Russian Way of War Evidence from the 2008 Conflict with Georgia Lionel Beehner A Contemporary Battlefield Assessment Liam Collins by the Modern War Institute Steve Ferenzi Robert Person Aaron Brantly March 20, 2018 Analyzing the Russian Way of War: Evidence from the 2008 Conflict with Georgia Contents Acknowledgments ........................................................................................................................................ 1 Executive Summary ...................................................................................................................................... 3 Introduction .................................................................................................................................................. 9 Chapter I – History of Bad Blood ................................................................................................................ 13 Rose-Colored Glasses .............................................................................................................................. 16 Chapter II – Russian Grand Strategy in Context of the 2008 Russia-Georgia War ................................... 21 Russia’s Ends ........................................................................................................................................... 22 Russia’s Means ........................................................................................................................................ 23 Russia’s Ways .........................................................................................................................................
    [Show full text]
  • National Bank of Georgia Achieves Scalable
    CUSTOMER CASE STUDY ENSURING THE STABILITY OF GEORGIA’S FINANCIAL SECTOR The National Bank of Georgia (the NBG) is the central bank providing services to commercial banks. Any failure in the operation of its data center may result in downtime for critical services provided to fi nancial institutions throughout the country. To mitigate CUSTOMER NATIONAL BANK OF GEORGIA this risk, NBG is implementing various modern technologies that contribute to high availability of its services. One of the major WEB SITE achievements in this direction was the implementation of a third WWW.NBG.GOV.GE disaster recovery data center based on VMware vSphere® INDUSTRY virtualization and VMware vSAN™ shared storage. FINANCIAL SERVICES Despite the physical distance between the new data center and the LOCATION core one, its implementation was fast and e ective. Thanks to vSAN, TBILISI, GEORGIA the National Bank of Georgia has built a scalable hyperconverged KEY CHALLENGES infrastructure not bound to a specifi c hardware vendor, supporting • Provide continuous services even in instant policy changes. Considering its benefi ts, NBG will consider the event of a disaster expansion of VMware solutions and vSAN to the core datacenters • Go to a more innovative and fl exible during the future upgrades. IT infrastructure The National Bank of Georgia was the fi rst organization in the SOLUTION country to use vSAN for building a DR data center. The National Bank of Georgia built a third DR data center with VMware The National Bank of Georgia (NBG) is the central bank of Georgia. Its status is vSAN 6 and VMware vSphere defi ned by the Constitution of Georgia.
    [Show full text]
  • GEORGIA (Acting Through the Ministry of Finance of Georgia) U.S.$500,000,000 2.750% Notes Due 2026 ISSUE PRICE: 99.422%
    GEORGIA (acting through the Ministry of Finance of Georgia) U.S.$500,000,000 2.750% Notes due 2026 ISSUE PRICE: 99.422% The U.S.$500,000,000 2.750% Notes due 2026 (the "Notes") to be issued by Georgia, acting through the Ministry of Finance of Georgia (the "Issuer" or "Georgia"), will mature on 22 April 2026 (the "Maturity Date") and, unless previously purchased and cancelled, will be redeemed at their principal amount on that date. The Notes will bear interest from, and including, 22 April 2021 at the rate of 2.750% per annum payable semi-annually in arear on 22 April and 22 October in each year, commencing on 22 October 2021. This Offering Circular comprises neither a prospectus for the purposes of Part VI of the Financial Services and Markets Act 2000 (as amended) (the "FSMA"), a prospectus for the purposes of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the "UK Prospectus Regulation"), nor listing particulars given in compliance with the listing rules made under Part VI of the FSMA by the UK Financial Conduct Authority (the "FCA") pursuant to the FSMA. Application has been made for the Notes to be admitted to the official list of the FCA (the "Official List") and to trading on the main market (the "Market") of the London Stock Exchange plc (the "London Stock Exchange"). The Notes are being offered (i) in offshore transactions in reliance on, and as defined in, Regulation S (the "Regulation S Notes") under the U.S.
    [Show full text]
  • Final Notice of Dispute
    In the Matter of BIDZINA IVANISHVILI - and - GEORGIA FINAL NOTICE OF DISPUTE Addressed to: H.E. Mikhail Saakashvili, President of Georgia H.E. Zurab Adeishvili, Minister of Justice of Georgia SKADDEN, ARPS, SLATE, SKADDEN, ARPS, SLATE, MEAGHER & FLOM (UK) LLP MEAGHER & FLOM LLP 40 Bank Street 1440 New York Avenue N.W. London E14 5DS Washington, D.C. 20005 United Kingdom United States of America Phone: +(44 20) 7519-7000 Phone: + (1 202) 371-7000 Fax: +(44 20) 7519-7070 Fax: + (1 202) 393-5760 Legal Advisers to Bidzina Ivanishvili Dated: 31 July 2012 TABLE OF CONTENTS I. SUMMARY ...................................................................................................................1 II. MEASURES GIVING RISE TO THE DISPUTE........................................................2 A. Georgia's Campaign of Intimidation and Expropriation: a Chronology.................2 B. Measures UnlawfullyExtinguishing the Security Interests of Cartu Bank ............5 C. Regulatory Harassment of Cartu Bank and Progress Bank..................................11 D. Seizure of Cartu Bank and Progress Bank..........................................................15 E. Denial of Justice bythe Georgian Courts............................................................16 III. JURISDICTION UNDER THE TREATY .................................................................18 IV. VIOLATIONS OF THE TREATY.............................................................................19 V. RELIEF REQUESTED...............................................................................................21
    [Show full text]
  • Depreciation of the Georgian Lari: Necessary and Effective
    1 NEWSLETTER Issue No. 6 | September – October 2015 Depreciation of the Georgian Lari: Necessary and effective The Georgian Lari has depreciated 26% against the US niably causing hardship. About 60% of the outstanding dollar over the last 12 months. The National Bank of loans in Georgia are denominated in US dollar. As a Georgia has been criticised for allowing this deprecia- result, many borrowers – for example individuals who tion to take place. Is this criticism warranted? We have taken out mortgages to purchase homes – must argue that it is not. The depreciation of the Lari was a make payments in US dollar but earn most or all of necessary and effective response to external eco- their income in Lari. As the Lari has depreciated nomic conditions, in particular economic stagnation against the US dollar, these borrowers have seen the and contraction in neighbouring countries such as costs of servicing their loans increase dramatically. Not Russia, Turkey and Ukraine. However, the deprecia- surprisingly, many are demanding that policy makers tion of the Lari against the US dollar is causing hard- provide relief. ship because the Georgian economy is highly dollar- The devaluation of the Georgian Lari: Necessary… ised. Indeed, it is not possible to pursue two goals (external economic stability and domestic financial While this political fallout is understandable, the de- stability) with one tool (exchange rate policy). Criti- preciation of the Lari must be seen in the context of cism of the depreciation - and the recent decision to economic conditions in neighbouring countries. In take the responsibility for bank supervision away 2014, 60% of Georgia’s exports went to the CIS coun- from the National Bank - could undermine the inde- tries and Turkey and 45% of Georgia’s imports origi- pendence of the National Bank.
    [Show full text]
  • Georgian-Dairy-Market-System-Analysis-And-Mapping-SQIL-External.Pdf
    Safety and Quality Investment in Livestock: Georgian Dairy Market System Analysis and Mapping May 2019 Georgian Dairy Market System Analysis and Mapping SQIL-2019-PROC-0001 Georgian Safety and Quality Investment in Livestock (SQIL) Project USDA Food for Progress 2018 www.landolakes.org Prepared by ISET Policy Institute www.iset-pi.ge This report is made possible by the support of the American people through the United States Department of Agriculture (USDA). The contents do not necessarily reflect the views of USDA or the United States Government. 2 Contents TABLE OF FIGURES ................................................................................................................................................. 4 LIST OF ABBREVIATIONS / ACRONYMS .................................................................................................................. 5 1 INTRODUCTION ................................................................................................................................................... 7 1.1 PROJECT DESCRIPTION ............................................................................................................................................... 7 1.2 OBJECTIVE OF THE STUDY ........................................................................................................................................... 7 1.3 RESEARCH METHODOLOGY ......................................................................................................................................... 7 2 GENERAL OVERVIEW
    [Show full text]
  • Country of Origin Information Report Republic of Georgia 25 November
    REPUBLIC OF GEORGIA COUNTRY OF ORIGIN INFORMATION (COI) REPORT Country of Origin Information Service 25 November 2010 GEORGIA 25 NOVEMBER 2010 Contents Preface Paragraphs Background Information 1. GEOGRAPHY ............................................................................................................ 1.01 Maps ...................................................................................................................... 1.05 2. ECONOMY ................................................................................................................ 2.01 3. HISTORY .................................................................................................................. 3.01 Post-communist Georgia, 1990-2003.................................................................. 3.02 Political developments, 2003-2007...................................................................... 3.03 Elections of 2008 .................................................................................................. 3.05 Presidential election, January 2008 ................................................................... 3.05 Parliamentary election, May 2008 ...................................................................... 3.06 Armed conflict with Russia, August 2008 .......................................................... 3.09 Developments following the 2008 armed conflict.............................................. 3.10 4. RECENT DEVELOPMENTS ..........................................................................................
    [Show full text]
  • Georgia RISK & COMPLIANCE REPORT DATE: March 2018
    Georgia RISK & COMPLIANCE REPORT DATE: March 2018 KNOWYOURCOUNTRY.COM Executive Summary - Georgia Sanctions: None FAFT list of AML No Deficient Countries US Dept of State Money Laundering Assessment Higher Risk Areas: Not on EU White list equivalent jurisdictions Failed States Index (Political Issues)(Average Score) Non - Compliance with FATF 40 + 9 Recommendations Medium Risk Areas: Corruption Index (Transparency International & W.G.I.) World Governance Indicators (Average Score) Major Investment Areas: Agriculture - products: citrus, grapes, tea, hazelnuts, vegetables; livestock Industries: steel, machine tools, electrical appliances, mining (manganese, copper, and gold), chemicals, wood products, wine Exports - commodities: vehicles, ferro-alloys, fertilizers, nuts, scrap metal, gold, copper ores Exports - partners: Azerbaijan 13.8%, US 8.5%, Germany 8.3%, Bulgaria 7.4%, Kazakhstan 7%, Turkey 6.4%, Ukraine 6.3%, Lebanon 5.7%, Canada 4.2% (2012) Imports - commodities: fuels, vehicles, machinery and parts, grain and other foods, pharmaceuticals Imports - partners: Turkey 13.9%, China 8.2%, Ukraine 8.2%, Russia 7.4%, Azerbaijan 7.1%, US 6%, Germany 5.6%, Bulgaria 4% (2012) 1 Investment Restrictions: Georgia is open to foreign investment, and the Georgia National Investment Agency is implementing an aggressive marketing campaign to encourage more foreign investors to come to Georgia. Exceptions to national treatment may be made by Georgia for investments in maritime fisheries; air and maritime transport and related activities; ownership of broadcast, common carrier, or aeronautical radio stations; communications satellites Foreign individuals and companies are restricted from holding agricultural land in Georgia. However, according to the US Department of State 2012, there is a loophole in which agricultural land can be purchased by non-nationals and then transferred under the name of a Georgian entity; thus, land can be up to 100% foreign-owned.
    [Show full text]
  • Georgia's Anti-Corruption Policy in the Context of Eu Association Process
    SMALL STEPS TOWARDS BIG GOALS: GEORGIA’S ANTI-CORRUPTION POLICY IN THE CONTEXT OF EU ASSOCIATION PROCESS JUNE 2019 The publication was prepared with the financial support of Swedish International Development Cooperation Agency (SIDA). Transparency International Georgia is responsible for the content of the publication. It might not necessarily reflect the views of SIDA. EXECUTIVE SUMMARY The Association Agreement between the European Union and Georgia, as well as the Association Agenda for 2017-2020 approved by the parties to facilitate the implementation of the Association Agreement, provide for cooperation between the parties in combating corruption, while highlighting Georgia’s commitment to address corruption, in particular complex corruption. Over the year and a half since the adoption of the current Association Agenda, Georgia has attained positive results in terms of maintaining previous achievements in terms of eradicating petty corruption. However, Georgia’s progress in tackling high-level corruption remains weak. According to public opinion surveys, citizens have a negative view of both the overall situation in the country in terms of corruption and the dynamics of this situation. They believe that the government does not effectively investigate the cases of corruption involving high-ranking officials or influential individuals with ties to the ruling party. Such public attitudes evidently stem from the ineffective response of the law enforcement agencies to recent high-profile cases of alleged corruption related to a variety
    [Show full text]