money laundering

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Armenia

Pandora Papers reveal South Caucasus connections to offshore tax havens

by Peter Liakhov

•3 min read

The ‘Pandora Papers’ have implicated figures in Azerbaijan, Georgia, and Armenia in a global network of tax-havens. Two prominent figures from the South Caucasus include the founder of Georgia’s ruling Georgian Dream party Bidzina Ivanishvili, and Azerbaijani President Ilham Aliyev. The Pandora Papers are a massive leak of nearly 12 million files, obtained by the International Consortium of Investigative Journalists (ICIJ) that reveals a globe-spanning network of offshore tax havens that has

Anaklia Port

Georgia’s TBC Bank investigated for money laundering

by OC Media

•2 min read

Georgia’s Chief Prosecutor’s Office has announced that they are investigating TBC Bank over possible money laundering and ‘other illicit acts’. The authorities announced on 9 January that they had launched a probe in May 2018 concerning $17 million worth of loans that were fast-track to LLC Samgori M and LLC Samgori Trade in 2008. The Prosecutor’s Office said that after TBC issued the loans to the companies, the bank’s Chair, Mamuka Khazaradze, and Deputy Chair, Badri Japaridze, took loan

Azerbaijan

Investigation reveals secret $3 billion UK-based Azerbaijani slush fund

by OC Media

•2 min read

Azerbaijani authorities laundered almost $3 billion in the UK between 2012–2014, which was used to bribe high level EU and UN figures, an investigation by the the Organised Crime and Corruption Reporting Project (OCCRP) shows. Following the investigation, the OCCRP’s website was blocked in Azerbaijan. The press service of the President of Azerbaijan has denied the accusations, blaming ‘George Soros and Armenian lobby’ for the investigation. The Azerbaijani Laundromat, as the investigat