The National Bank of Georgia is issuing a statement regarding the large-scale illicit income legalization case.
As noted in the NBG, 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.
According to their clarification, the NBG timely provided the requested information to the investigation in accordance with the established legislative procedures and implemented appropriate supervisory measures.
“Due to high public interest, we clarify that 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 NBG timely provided the requested information to the investigation in accordance with the established legislative procedures and implemented appropriate supervisory measures.
Additionally, the National Bank of Georgia continues to oversee currency exchange points in terms of combating money laundering and terrorism financing, as well as ensuring compliance with international sanctions regimes.
Supervision of the financial sector is carried out in accordance with international standards, adhering to the principle of risk-based supervision. In cases of violations, the National Bank applies appropriate supervisory measures, including fines, which serve to enhance the compliance level of the sector and prevent similar incidents in the future. Additionally, in cases of detecting signs of potential crimes, it provides information to authorized agencies.
We also note that the compliance level of Georgia’s financial sector, as well as the quality of supervision, is consistently positively evaluated by various international organizations, including the Council of Europe’s Select Committee of Experts on the Evaluation of Anti-Money Laundering Measures and Financing of Terrorism (MONEYVAL),” the statement reads.
For reference, the Georgian Prosecutor’s Office, in collaboration with the State Security Service, identified a case of legalization of illicit income amounting to an unprecedented $624 million USD and €35 million, carried out between 2022 and 2024. One individual has been detained on charges of money laundering.
National Bank of Georgia issues statement on the large-scale illicit income legalization case
