National Bank of Georgia Responds to Unprecedented Money Laundering Case Involving $624 Million and €35 Million

The National Bank of Georgia (NBG) has issued an official statement regarding a major money laundering case recently disclosed by the Prosecutor’s Office of Georgia and the State Security Service, involving the alleged legalization of $624 million and €35 million between 2022 and 2024.

In response to widespread public interest, the National Bank clarified its involvement in the case:

“The National Bank of Georgia, within the framework of the mandate granted by the Organic Law, actively cooperated with the relevant agencies and is involved in the investigation process. The NBG provided the requested information to investigators in a timely manner and carried out relevant supervisory measures,” the statement reads.

The NBG emphasized its ongoing supervision of currency exchange points, focusing on:

• Anti-money laundering (AML)

• Counter-terrorist financing (CTF)

• Enforcement of international sanctions regimes

Supervision of the financial sector is conducted using a risk-based approach, in line with international best practices. The Bank highlighted that, when violations are detected, it imposes monetary fines and supervisory measures to ensure compliance and deter future infractions. If signs of a potential crime are identified, the Bank shares relevant information with the appropriate authorities.

The statement further noted:

“The compliance level of the Georgian financial sector, as well as the quality of supervision, is consistently and positively assessed by various international organizations, including the Council of Europe’s MONEYVAL committee.”

As reported by the Prosecutor’s Office, a joint investigation with the State Security Service revealed the largest case of money laundering in Georgia’s history. The alleged criminal activity spanned a two-year period and involved complex financial schemes. One individual has been arrested and charged with money laundering, according to official reports.

This case has sparked significant public concern and scrutiny over financial monitoring, compliance, and the effectiveness of supervisory mechanisms in the Georgian financial system.