Investigation into money laundering finds NBG participating
The National Bank of Georgia (NBG) is currently cooperating with relevant authorities in an ongoing money laundering investigation, which was initiated in 2023. This case, involving USD 624 million and EUR 35 million in illicit funds, is the largest uncovered in Georgia's history.
The investigation, led by the Prosecutor's Office and the State Security Service of Georgia (SSSG), is still under active inquiry. The NBG has emphasised its involvement in the investigative process of the alleged fact of legalising illegal income.
The NBG's supervision and cooperation with authorities are due to high public interest in the case. The bank's supervision is conducted in line with international standards and follows a risk-based approach. It aims to prevent money laundering, terrorism financing, and enforce international sanctions regimes.
During its supervision, the NBG identifies violations and imposes measures such as monetary fines. In cases suggesting potential crimes, information is passed to law enforcement agencies by the NBG.
The financial sector of Georgia has been positively evaluated by international organisations, including the Council of Europe's MONEYVAL committee, for its compliance and supervisory practices.
At least one individual has been arrested on money laundering charges in connection with the scheme. However, no information was provided about the source of the illicit funds involved in the money laundering scheme or the individuals or entities involved in the case beyond the arrest.
The NBG continues to play a supervisory role in the money laundering case. It has provided investigators with all requested information within the framework of its legal mandate. The case remains ongoing, with no further details provided about potential penalties or outcomes for those involved in the money laundering scheme.
The NBG's supervision covers currency exchange points. The bank's active support and close cooperation with Georgian law enforcement and financial investigative authorities have been instrumental in the ongoing investigation.
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