The National Bank of Georgia (NBG) has issued a statement in connection with the ongoing prosecution investigation into large-scale money laundering.

According to the statement, regarding the alleged fact of legalising illegal income, the National Bank actively cooperated with relevant agencies within the framework of its mandate and provided the investigation with the requested information promptly.

“Due to high public interest, we clarify that the National Bank of Georgia, within the framework of the mandate granted by organic law, actively cooperated with relevant agencies regarding the alleged fact of legalising illegal income, and is involved in the investigative process. The NBG provided the investigation with the requested information promptly according to procedures established by legislation and implemented appropriate supervisory measures.

Furthermore, the National Bank of Georgia continues supervision of currency exchange points, both in terms of combating money laundering and terrorism financing, as well as fulfilling the requirements of international sanctions regimes.

Financial sector supervision is carried out in accordance with international standards, observing the principle of risk-based supervision. When violations are identified, the National Bank employs appropriate supervisory measures, including monetary fines, to enhance compliance within the sector and prevent similar incidents in the future. Additionally, if there are indications of a potential crime, the Bank provides relevant information to authorised agencies.

We note here that the compliance level of Georgia’s financial sector, as well as the quality of supervision, is constantly assessed positively by various international organisations, including the Council of Europe’s Committee of Experts (MONEYVAL),” the National Bank of Georgia’s statement noted.

For context, Georgia’s Prosecutor’s Office, in conjunction with the State Security Service of Georgia (SSSG), has uncovered an unprecedented money laundering operation involving USD 624 million and EUR 35 million in illegal proceeds between 2022 and 2024. According to information released by Georgia’s Prosecutor’s Office, one individual has been arrested on charges of money laundering.