More than $7 million laundered in Georgia, prosecutors say after uncovering transnational crime network
Georgia‘s Prosecutor’s Office has brought criminal charges against four foreign nationals and five companies in connection with a transnational organised crime and large-scale money laundering case involving 21.5 million lari (about $7.8m).
According to prosecutors, the suspects carried out criminal activities in several countries before transferring the illicit proceeds to Georgia in an attempt to conceal their origin and legalise the funds.
According to the Prosecutor’s Office, the suspects established companies in Georgia without any intention of carrying out genuine business activities. Using forged documents and fictitious payment descriptions, they gradually transferred funds of illicit and unexplained origin from abroad into Georgian bank accounts. The total amount, held in various currencies, was equivalent to 21.5 million lari.
Prosecutors said that part of the money was later transferred abroad using forged documentation and fictitious payment descriptions, while the bulk of the allegedly illicit assets has been frozen as part of the investigation.
The defendants have been charged with laundering criminal proceeds on an especially large scale. The offence carries a prison sentence of between nine and 12 years for individuals, while companies found guilty may face liquidation, a ban on conducting business activities or a fine.
The Prosecutor’s Office said it would ask the court, within the timeframe set by law, to place the defendants in pre-trial detention. If the court grants the request, the suspects will be placed on a wanted list.
According to prosecutors, the investigation has so far resulted in the seizure of foreign currency worth around 14 million lari (about $5.1m) and real estate valued at more than 1 million lari (about $363,000).
The Prosecutor’s Office said it would initiate the necessary legal procedures to confiscate the seized assets in favour of the state.
money laundering in Georgia
