Prosecutor’s Office uncovers transnational crimes, launches criminal prosecution on money laundering charges

The Prosecutor’s Office of Georgia has uncovered a series of transnational crimes and launched criminal proceedings against four foreign nationals and five legal entities on charges of large-scale money laundering.

Investigations conducted by the Investigative Unit of the Prosecutor General’s Office of Georgia established that the accused committed crimes in various countries for financial gain and transferred assets to Georgia to launder the illegally obtained proceeds.

As stated at a briefing held at the Prosecutor’s Office, to launder money, and without any intention of conducting genuine business activity, the accused established companies in Georgia and, using falsified documentation and fictitious payment purposes, transferred into the bank accounts of individuals and legal entities the equivalent of 21.5 million GEL in various currencies of illegal and unsubstantiated origin, brought in from abroad in fragmented instalments.

Furthermore, to launder the funds, a small portion of the sums accumulated in their Georgian bank accounts was transferred abroad to various bank accounts under fictitious payment purposes and using falsified documentation, while the bulk of the illegal assets was seized as part of the ongoing investigation.

“Criminal prosecution has been launched against the accused for the legalisation of illegal income on an especially large scale, an offence which, as a form and measure of punishment, carries a sentence of 9 to 12 years’ imprisonment for natural persons, and, for legal entities, liquidation or the revocation of the right to conduct business activity, together with a fine.

The Prosecutor’s Office will apply to the court within the statutory time limit to request that the accused be remanded in custody as a measure of restraint, and, should custody be applied, a search will be declared for them.

The Prosecutor’s Office will initiate the necessary legal procedures to confiscate the assets seized during the investigation, consisting of foreign currency worth approximately 14 million GEL and real estate valued at over 1 million GEL, in favour of the state.

We remind the public that combating money laundering is one of the key priority areas for the Prosecutor’s Office of Georgia, and that a strict criminal policy is being pursued against those who commit this offence,” it was stated at the briefing held at the Prosecutor’s Office of Georgia.