On September 15, the Georgian Prosecutor’s Office announced the detention of Kakha Kotorashvili, a 49-year-old businessman and head of the currency exchange firm Fin, accusing him of masterminding the country’s largest-ever money laundering operation. According to prosecutors, the network allegedly funneled more than $660 million into Georgia’s financial system between 2022 and 2024, disguising the illicit origin of funds smuggled in from Azerbaijan.

If convicted, Kotorashvili faces up to 12 years in prison. Authorities have hailed the case as a landmark in Georgia’s fight against financial crime, but the accusations also expose deeper questions about systemic oversight failures, the role of banks, and the vulnerability of regional economies to transnational laundering schemes.

Investigators say the operation relied on a simple but highly organized method: undocumented foreign currency was smuggled across the border from Azerbaijan, hidden in vehicles with specially designed compartments to evade customs checks. Once inside Georgia, the cash was delivered to exchange points operated by Kotorashvili’s firm, which prosecutors describe as the central hub of the scheme.

From there, the funds were allegedly deposited into banks as if they were proceeds from legitimate currency transactions. To mask the true origins, prosecutors claim Kotorashvili and his network supplied falsified paperwork to financial institutions. Over time, the laundered money was integrated into Georgia’s economy through bank........

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