Four foreign citizens face charges in Georgia's $7.9 mln money laundering case

Georgian law enforcement have charged four foreign nationals and five companies in connection with an alleged transnational money laundering scheme involving the equivalent of 21.5 million lari ($7.9 million), the Prosecutor's Office said on Monday.

The Prosecutor's Office said its investigation found that the suspects had committed crimes in several countries and transferred illicit proceeds to Georgia in an effort to launder the funds.

The defendants established companies in Georgia without intending to conduct legitimate business activities. Using allegedly forged documents and fictitious payment descriptions, they transferred the equivalent of 21.5 million lari in multiple currencies from abroad in numerous transactions to personal and corporate bank accounts in Georgia.

Prosecutors said a small portion of the funds accumulated in Georgian bank accounts was subsequently transferred to bank accounts abroad using fictitious payment purposes and forged documentation, while the majority of the allegedly illicit assets were frozen during the investigation.

Authorities said approximately 14 million lari worth of foreign currency and real estate valued at more than 1 million lari had been seized. Prosecutors said they would seek to confiscate the assets in favour of the state through legal proceedings.

The four individuals have been charged with laundering illicit proceeds on an especially large scale. If convicted, they face prison sentences of between nine and 12 years. The five legal entities could face liquidation, revocation of their business rights and fines.