Central bank issues warning on unauthorised currency exchange transactions
In its statement the NBG urged business entities to refrain from conducting currency exchange operations in circumvention of legislation and said permits released by the bank were required for legal operation. Photo: Nino Alavidze/agenda.ge
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The national bank of Georgia on Friday warned businesses against potential unauthorised currency exchange transactions after individuals were charged for running unregistered exchange booths in the western region of Adjara earlier during the week.
In its statement the NBG urged business entities to refrain from conducting currency exchange operations in circumvention of legislation and said permits released by the bank were required for legal operation.
On Wednesday the investigation service of Georgia’s finance ministry charged 10 individuals for operating currency exchange points in Adjara without relevant permits.
Police officers seized foreign currency equivalent to ₾550,000 (about $198,169) during the search of the offenders, who face up to three years in prison.
The investigation service of Georgia’s finance ministry has charged 10 individuals for illegal entrepreneurial activities, the state body announced on Wednesday.
The investigation service of Georgia’s finance ministry has charged an individual for manufacture and use of forged tax documents and evasion of “particularly large amounts” of tax, the state body said on Tuesday.
The Investigation Service of the Ministry of Finance of Georgia has arrested two individuals and charged them with property damage and manufacture and use of forged customs documents, the state authority said on Wednesday.
Police have detained three individuals for abuse of power, illegal entrepreneurship and money laundering in Georgia’s eastern Kakheti region.
Georgia’s progress in combating money laundering and terrorist financing has been recognised in a new report released on Monday by the Council of Europe’s anti-money laundering body, MONEYVAL.