Prosecutor's Office Launches Prosecution of Foreign Citizen and Legal Entity over Money Laundering

The Prosecutor's Office of Georgia has launched criminal prosecution against a foreign citizen and a legal entity over the legalization of money on a particularly large scale.

According to the agency, the suspect founded a company in Georgia in order to launder a large amount of money of unexplained origin. The equivalent of 2.5 million lari in foreign currency was credited to the company's bank accounts from abroad on the basis of a fake contract.

The Prosecutor's Office said that the investigation carried out by the Investigation Department of the General Prosecutor's Office established that the suspect founded the company without any intention of conducting business activity. He disguised the origin of the money as income obtained through legal means, while part of it was transferred abroad on the basis of a fake settlement document.

The prosecution was launched over the legalization of illegal income on a particularly large scale. This crime is punishable by imprisonment of up to 12 years and, for a legal entity, by liquidation or deprivation of the right to engage in activity, as well as a fine.

The Prosecutor's Office will apply to the court within the period established by law requesting that pretrial detention be imposed on the suspect as a preventive measure. If detention is applied, a search will be announced for the foreign citizen.

Within the framework of the investigation, the Prosecutor's Office will take the appropriate legal steps to confiscate in favor of the state the equivalent of 2.5 million lari in foreign currency that was seized.