Prosecutor's Office Uncovers $624 Million Money Laundering Scheme in Georgia
By Liza Mchedlidze
Thursday, September 18, 2025
The Prosecutor's Office of Georgia, in cooperation with the State Security Service, has uncovered a large-scale money laundering scheme involving the legalization of approximately 624 million US dollars and 35 million euros between 2022 and 2024. Officials announced the results of the investigation at a briefing on Tuesday, confirming that one individual has been arrested.
According to investigators, the suspect, together with other members of a criminal network, systematically smuggled large amounts of undocumented foreign currency from neighboring countries. The money was brought into Georgia by bypassing customs procedures and concealing it in specially equipped compartments in vehicles. It was then delivered to a currency exchange point operated by the accused.
Prosecutors allege the funds were deposited into banks under the guise of legitimate currency exchange activity, with falsified documentation presented to commercial banks. The converted sums were subsequently introduced into the legal economy through transfers, property purchases, and other transactions.
"The investigation has established that the accused, under the cover of a licensed currency exchange point, organized an illegal network to collect money of unsubstantiated origin, convert it, and place it into legal circulation," the Prosecutor's Office said. Authorities added that a large amount of cash was seized and that legal procedures are underway to confiscate assets obtained through the scheme.
The accused faces charges that carry a sentence of up to 12 years in prison. Prosecutors plan to request pre-trial detention. Officials also noted that in previous investigations into similar cases, seven individuals were convicted and assets worth about 13 million GEL were confiscated.
The National Bank of Georgia (NBG) also released a statement, stressing its cooperation with investigators. "In connection with the alleged illicit income legalization, the National Bank of Georgia actively cooperated with relevant agencies within the framework of its mandate granted by organic law and is involved in the investigative process," the statement read. The NBG said it had provided requested information in a timely manner and had taken supervisory measures in line with legislative procedures.
The central bank emphasized that it continues to monitor currency exchange points for compliance with anti-money laundering regulations, terrorism financing prevention, and international sanctions enforcement. It highlighted that Georgia's financial sector has been positively evaluated by international organizations, including MONEYVAL, for its adherence to international supervisory standards.
