ქართუ ბანკის და ბიძინა ივანიშვილის სანქცირების მოთხოვნა
Request for Sanctions and Financial Measures Against Bidzina Ivanishvili and Cartu Bank
To the President of the United States of America, Mr. Donald Trump;
The President of the European Parliament, Ms. Roberta Metsola;
The President of the European Council, Mr. António Costa;
The heads of the EU member state;
The President of the European Commission, Ms. Ursula von der Leyen;
We hope this message finds you well. On behalf of Generations for Georgia, I am writing to express our deep concern regarding the actions of Bidzina Ivanishvili, his family, and their associated entities, particularly Cartu Bank. We have been monitoring developments related to Mr. Ivanishvili’s business practices and political influence, which raise serious questions about the integrity of the Georgian financial and political systems.
Attached to this letter is a detailed briefing note that outlines the key findings and evidence related to these concerns. Given the seriousness of these matters, we respectfully request that you consider the following actions to address the situation.
Request for International Action
Based on the existing evidence, we urge the international community to take the following steps:
1. Remove Cartu Bank from the SWIFT system: Given Cartu Bank’s direct involvement in the financial activities of Bidzina Ivanishvili and his associates, its continued operation within the SWIFT system represents a significant risk to international financial stability and integrity.
2. Impose targeted sanctions on Bidzina Ivanishvili, his family, and close associates: We request that sanctions be imposed on Bidzina Ivanishvili, his immediate family members, and senior individuals connected to Cartu Foundation and Cartu Bank. These sanctions should include asset freezes, travel bans, and restrictions on financial transactions, which would prevent further abuse of power and financial manipulation.
We believe these steps are necessary to ensure accountability and uphold the principles of transparency and democracy.
Attached Briefing Note
For your reference, we have attached a detailed Briefing Note that provides an overview of Bidzina Ivanishvili’s actions and the role of Cartu Foundation and its affiliated entities in these activities. The note includes references to relevant media sources, legal documents, and investigative reports that further substantiate these concerns.
We trust that you will take the appropriate steps to address these issues and support efforts to safeguard the integrity of Georgia’s political and financial systems.
Thank you for your time and attention to this matter. We look forward to your response and to seeing meaningful action in the near future.
Introduction
The existence of a so-called "banking mafia" in Georgia is not merely a claim made by opposition politicians—it is a matter of deep concern that has surfaced through multiple sources, including non-governmental organizations, investigative journalism, and international media outlets. In this document, we will present a comprehensive account of the troubling actions associated with Cartu Bank and the Cartu Foundation, highlighting a clear and alarming pattern of corruption, abuse of power, and potential illegal activities.
We aim to demonstrate, through a series of documented events, how Cartu Bank and the Cartu Foundation have been at the centre of a web of questionable dealings that have deeply impacted Georgia's political and economic landscape. From undue political influence to the manipulation of state resources for personal gain, these patterns cannot be ignored any longer. Through this document, we will trace these issues from 2013 to the present day, exposing how a system designed to protect the public has been exploited for personal and political advantage. The pattern is clear, and the consequences are dire. It is time for these actions to be fully examined, and for accountability to be demanded.
Our journey begins with a critical report issued in 2013 by the International Society for Fair Elections and Democracy (ISFED), which raised serious concerns regarding the financial activities of the Cartu Foundation. The report, available here, highlighted the possibility of voter bribery linked to the Foundation's financial support of the Rural and Agricultural Development Fund.
In the report the head of the organization states: “The Cartu Foundation provides direct financial assistance to this fund, and then the Agricultural Development Fund provides material assistance to voters. All of this can be qualified as voter bribery, and our recommendation is that during the election period, when these regulations are particularly strict, the Cartu Foundation should refrain from providing such financial assistance to the Rural Assistance Fund that envisages providing certain material assistance to specific citizens.”
ISFED urged that, during election periods, the Cartu Foundation’s financial activities be scrutinized to ensure compliance with election laws. Unfortunately, as we will show, the actions of Cartu and its affiliates only continued to escalate, leaving a trail of questionable financial transactions and political interference.
An analysis of media materials from the subsequent period shows that Cartu did not follow these recommendations. In 2014, the Labor Party claimed that Bidzina Ivanishvili paid each member of the ruling majority $10,000 monthly from Cartu Bank, with committee chairmen receiving even more. "Those who have businesses and make millions have the green light, while the rest receive additional funds from Bidzina Ivanishvili through the card system because they need them for personal household purposes," said Giorgi Gugava.
In 2015, Cartu Bank reported a remarkable increase in its profits. The bank ended the first quarter of 2015 (the third incomplete year since Bidzina Ivanishvili came to power) with a net profit of 11.532 million GEL, which was 17.5 times higher than the profit of 657.262 thousand GEL achieved by the end of March the previous year. The bank’s assets as of March 31, 2015, amounted to 920.472 million GEL, compared to 570.326 million GEL in the same period of 2014. The total liabilities increased from 368.376 million GEL to 670.635 million GEL. Cartu's share capital stood at 249.837 million GEL by the end of March 2015, compared to 201.95 million GEL for the same period in 2014.
Cartu Bank has a sole shareholder, 100% owner of Cartu Group, whose 100% beneficiary is Uta Ivanishvili, the son of former Prime Minister Bidzina Ivanishvili.
In 2015, the Georgian edition of Forbes magazine discussed possible elite corruption. The article, titled "Amazing Democracy in the Captivity of Money," addresses a scheme of dubious tenders and party donations, which, according to the author and experts, shows signs of elite corruption. Specifically, the article by the editor-in-chief of the Georgian edition of Forbes states that companies winning tenders, as well as employees of companies affiliated with the former Prime Minister (Bidzina Ivanishvili), transfer part of the money they receive to "Georgian Dream," thereby establishing an oligarchic-style government in Georgia. The author of the article also draws attention to the fact that, in April 2014, "Georgian Dream" received more than half a million GEL from more than 30 employees of Cartu Bank, Cartu Mshenebeli, and other Cartu companies. You can read the article here.
In April 2015, Amiran Dzotsenidze revealed that Bidzina Ivanishvili had gifted state-owned property worth 2 million GEL to his relative, Utsa Mamatsashvili, and subsequently took out a loan for them from Cartu Bank, amounting to 2 million GEL at an annual interest rate of 11%, equating to more than 200,000 GEL in interest. This benefit was covered by taxpayers, as the government’s "Produce in Georgia" program paid 10% of the loan. Dzotsenidze commented, "In other words, Bidzina Ivanishvili gifted state-owned property worth 2 million to his relative, and then gave her a loan to 'put this property into motion,' the annual interest of which we still cover."
To read more about the Mamatsashvili case, please visit this link.
In May 2015, Transparency International Georgia published another study, which revealed that, at that time, out of the eight governors operating in Georgia, two were former employees of Cartu Bank, and one was a former employee of the Cartu Charity Foundation. This raises concerns about the deep connections between Georgia's political leadership and the Cartu Group, highlighting the potential for undue influence and conflict of interest in the appointment of key government officials. You can read more about this study here.
In 2016, the government announced the construction of a university city for 60,000 students on a 140-hectare territory near Kutaisi, with the full financial support of the Cartu Foundation. The total budget of the Kutaisi University City, the Technological Institute and the Scientific Research Center located in Tbilisi was 1 billion euros, and the first batch of students was planned to be admitted in 2019. The total area of the buildings was to be one million square meters. The head of government said in September 2016: "There will be scientific and educational spaces, auditoriums, ultra-modern, technically equipped laboratories, libraries, dormitories for students and teachers, as well as cinemas, leisure clubs, cafes, sports infrastructure, and all this will be done in a way that will not harm nature." - Kvirikashvili promised.
The place where the grandiose construction was planned and which was supposed to be financed by Cartu is now croaking with frogs. Despite the fact that the money was allocated from the fund several times, it either ended up in the pockets of high-ranking officials or, as a result of a corrupt deal between the fund and the "builders", was written off as an expense, and the work was not completed.
According to information available in the materials of Transparency International - Georgia, part of the Mtsvane Kontskhi territory in Batumi was changed from a tourist-recreational status, and instead a public-business zone was declared, which is a high-intensity development zone. It was decided to build two skyscrapers on the shores of Green Cape, and the construction permit was given to a construction company associated with members of Bidzina Ivanishvili's entourage, which had neither construction experience nor the money for construction, although the money was allocated to this newly created company in the form of a mortgage loan by Cartu Bank.
A land area of 20,366 sq m on Green Cape was transferred to the company Elite Construction Group for 931,000 GEL by direct sale and on the condition of investment. The company undertook to make a four-million-GEL investment. The company was registered by a private individual a few days before the purchase of the property. Questions about the declaration of trust for a newly registered, inexperienced company and the price of the alienation of state property arose in the Batumi office of the organization Transparency International Georgia, where they discovered that after purchasing private property, the director of the company "Elite Construction Group" donated money to the ruling party Georgian Dream.
In November 2018, the investigative journalist network Ai, Fakt published information revealing that the Cartu Foundation and the "Russian World" foundation—established by Vladimir Putin—were financing the "Ruski Club" (Russian Club), an organization whose primary objective is the promotion of Russian culture and literature in Georgia. You can view the original publication here.
According to the Ruski Club website, two events were directly funded by the Cartu Foundation. The first was a New Year's performance titled "Wings for Thumbelina" («Крылья для Дюймовочки»), staged at the Griboedov Theater in January 2018, which also included a gift distribution campaign. A related report by Sputnik Georgia described the event as a blend of show and charity aimed at surprising children.
The second was the publication of a new volume in the Children’s Book series, an anthology of Russian children's stories distributed in Georgia. As reported by Radio Tavisupleba, the project—funded by both the Cartu Foundation and the Russian World Foundation—was framed as a cultural initiative, but concerns were raised about its role in soft power efforts and Russian influence.
The Cartu Foundation has reportedly been supporting the Ruski Club for years. This was confirmed by the organization’s president, Nikolai Sventitski, in an interview with Radio Free Europe. While acknowledging Cartu's financial contributions, Sventitski emphasized that the club is a non-governmental organization focused exclusively on cultural and educational activities and denied any political affiliations.
However, alternative analyses paint a different picture. A series of investigations and articles by NewsRU.nl describe the Ruski Club as a key component of Russia’s soft power apparatus in Georgia. One article referred to the organization as the “vanguard of the fifth column,” warning that under the guise of cultural promotion, it plays a role in advancing Russia’s geopolitical interests in the region.
In 2018, before the presidential elections, the ruling party presented a plan - that non-governmental organizations considered to be voter bribery - and which was implemented by the Cartu Foundation. According to the promise, more than 600 thousand citizens of Georgia would have their debts to banks, online organizations and other financial institutions canceled. The debt cancellation process began on December 15 and ended on December 31. The debts were paid by the Cartu Foundation. 95 percent of the debts consisted of loans, the principal amount of which did not exceed 2,000 GEL. The total amount of debt was one and a half billion GEL.
In the lead-up to Georgia’s 2018 presidential election, the ruling Georgian Dream party carried out a mass debt relief program through the Cartu Foundation. Civil society groups and opposition parties condemned the initiative, calling it a clear case of voter bribery.
The program, announced just weeks before the vote, promised to cancel the debts of over 600,000 citizens who owed money to banks, online lenders, and other financial institutions. The process began on December 15 and ended on December 31, 2018. According to official sources, the Cartu Foundation—closely tied to Bidzina Ivanishvili—covered the entire cost, with the total amount of forgiven debt reaching approximately 1.5 billion GEL. Around 95% of the cancelled loans had principal amounts under 2,000 GEL.
The foundation created a dedicated platform, vali.ge, to promote and administer the program during the election period.
Following the vote, the political party Girchi addressed an open letter to the State Audit Office. The party alleged that the program had violated Georgian electoral finance law. By law, party-related spending must not exceed 0.1% of the country’s GDP—about 40 million GEL. However, according to vali.ge, over 4.1 billion GEL in debt was written off, benefiting more than 615,000 people. Girchi published this letter publicly, arguing that this alone exceeded legal limits many times over.
The letter also cited laws that prohibit offering voters money, gifts, or material benefits in exchange for support. It stated: “A private financial institution linked to the Georgian Dream chairman paid off 1.5 billion GEL in loans for 600,000 citizens. This may constitute vote buying, which is a criminal offense under Georgian electoral and criminal codes.” These concerns were also echoed in the OSCE’s preliminary election report. Additional media coverage can be found here.
Despite these serious allegations, there was no official investigation. The State Audit Office did not respond. No government body questioned the legality of the initiative. Bidzina Ivanishvili and Cartu Bank officials were not summoned, and no legal action was taken.
In April 2019, Bidzina Ivanishvili publicly criticized Georgian television content, stating that horror and negative influences were “pouring out” of stations like Rustavi 2 in the form of TV series, which he claimed were “stupefying” the public. His proposed solution was to invest in Georgia’s film industry, particularly by producing historical series and movies — an initiative that would be handled by his Cartu Foundation and Cartu Bank.
Shortly after his announcement, funding for the film sector began. One of the primary beneficiaries was “Le Khaindrao Studio,” a company owned by director Goga Khaindrava. The studio received a large loan from Cartu Bank, which it used to purchase equipment and high-end film production vehicles. However, the only historical series produced was Tiflis, which aired on the pro-government channel GDS. Afterward, production ceased. The studio's filming equipment and vehicles — now rusting and out of use — were left abandoned in the yard near Laguna Vere, where they remain to this day.
May 2019: By a decree of the Government of Georgia, the non-entrepreneurial (non-commercial) legal entity ATUS Association was granted permission to cut down 60 Imeretian oaks and 49 hornbeam trees — all listed in the Red Book — in connection with the construction of a university complex in Kutaisi. The decree was signed by the Prime Minister on May 17. The expenses were covered by the Cartu Foundation. Additionally, the then-acting rector of the Kutaisi University stated that compensatory measures for the felled trees had already been planned. These included greening the completed university area and paying 15,457 GEL into the state budget. This amount was also to be paid by “Cartu,” but to this day, it has not been paid.
In November 2019, the non-governmental organization Transparency International Georgia stated that in the first half of 2019, the largest investment from offshore countries in Georgia, $59 million, came from Panama, which is related to Bidzina Ivanishvili, namely the Tourism Development Fund, which is implementing several projects in Georgia and whose 100% share is owned by the Panama-registered company FRANKSTON INTERNATIONAL. According to the study “Offshores and Georgia” published by the Transparency International Georgia on November 27, the connection of this Panamanian company with Bidzina Ivanishvili is also confirmed by the fact that the former and current directors of the companies implementing the fund’s projects are persons related to Bidzina Ivanishvili. Also, according to public registry extracts, the Tourism Development Fund and Cartu Bank are registered at the same legal address. FRANKSTON INTERNATIONAL also owns 100% of Bidzina Ivanishvili's main investment company, the Co-Investment Fund.
Transparency International Georgia believed that Georgia should implement the recommendations of the OECD Anti-Corruption Network and require disclosure of the owners of offshore companies at least in cases where these companies, or their subsidiaries, participate in public procurement, Partnership Fund projects, or other government programs.
In October 2019, during a committee hearing for the Supreme Court nominee Giorgi Mikautadze, Roman Gotsiridze, a member of the opposition party UNM, stated that "clerks from one bank [Cartu Bank] are running the Georgian government.
In April 2020, the opposition, particularly the United National Movement (UNM), accused Bidzina Ivanishvili of money laundering related to a 100-million-lari donation to the COVID-19 prevention fund. Khatia Dekanoidze from UNM stated:
"I call on Cartu Foundation to reveal the transactions and origins of the 100 million lari (GEL) donated by Bidzina Ivanishvili to the COVID-19 fund," said Dekanoidze. She continued: "We have a source who claims that the 100 million lari came from money laundered offshore and was transferred to the fund through a specific scheme."
According to Dekanoidze, the source indicated that a company affiliated with Georgian Railways transferred the laundered money to the StopCov Fund. Dekanoidze also criticized the public statement made by Cartu Foundation's director, who claimed that the money was a donation from Ivanishvili's family, saying this was not credible, as the family is neither a physical nor legal entity. Further reading
Donations: From February 17, 2020 to May 15, Georgian Dream received donations of more than 2 million GEL from 90 donors.
On March 16, 2020, the General Director of the Cartu Foundation, Nato Khaindrava, donated 50,000 GEL to Georgian Dream. Since 2012, she has donated up to 300,000 GEL to the party.
Individuals associated with the Cartu Foundation have historically been distinguished by their generosity towards the party, and we often find references to this in the relevant reports prepared by non-governmental organizations.
For instance, as in previous years, in the spring of 2020, the financial director of the Cartu Foundation, Givi Lebanidze, made his sixth donation since 2014 and transferred 45,000 GEL to the party. During this time, he has donated more than 150,000 GEL to the Georgian Dream.
Since 2012, the operations director of the Cartu Foundation, Davit Galuashvili, has also been annually donating substantial sums to the ruling party. During the pandemic, he contributed 40,000 GEL, just as he did in the spring of 2019.
Another director of the foundation, Zurab Gogua, donated 45,000 GEL to the party. He is also among the party’s donors in 2014, as is Beka Kvaratskhelia, the foundation’s risk director. Kvaratskhelia donated 40,000 GEL to the Georgian Dream in March.
In October 2020, Tbilisi Mayor Kakha Kaladze announced that Bidzina Ivanishvili and the Cartu Foundation would donate the land of the former hippodrome to the city. With the foundation’s support, this area was to be transformed into a new Central Park for Tbilisi.
According to Nikoloz Chkhetiani, chairman of the Cartu Foundation's board, the foundation committed to developing a multifuncti0nal recreational zone where everyone could relax. He added, “Tbilisi is our home, and we should all care for it together.”
The park was expected to be completed within two years, but the project remains unfinished. Opposition parties argued that Ivanishvili's announcement just before the 2020 elections was a politically calculated move to influence voter sentiment in the Saburtalo district. Source – Radio Tavisupleba
Since April 2023, the Cypriot lawyer-consultant Christodoulos Vasiliadis — known for his professional ties to individuals linked with Kremlin-affiliated oligarchs — and several companies associated with him have been subject to sanctions imposed by the United States and the United Kingdom.
According to the legal representative of Georgia’s billionaire and former Prime Minister, Bidzina Ivanishvili, one of the sanctioned companies had exclusively provided legal services to entities connected to his client. However, investigations by Georgian media, as well as documentation reviewed by Radio Liberty and referenced in the Pandora Papers, suggest that the professional relationship between Mr. Ivanishvili and Mr. Vasiliadis extended beyond legal consulting.
Key findings include the following:
• As of 2020, Christa, a subsidiary of one of the sanctioned firms, owned 50% of the shares in Cartu Group, a business structure linked to Ivanishvili;
• In 2018–2019, the Cartu Charitable Foundation received a total of 27.5 million GEL from the same company, which the foundation reported was allocated for charitable activities;
• The same firm also owned Agro Cartu, a company registered in Georgia in 2010, for over a decade. In 2021, ownership of Agro Cartu was transferred to Ivanishvili’s spouse, Ekaterine Khvedelidze.
Despite these connections, when the sanctions were expanded in April 2023, public discourse largely overlooked the fact that Mr. Vasiliadis had maintained longstanding professional and financial ties with Mr. Ivanishvili.
The relationship between the two dates back to at least 2012. At the time, following the freezing of Cartu Group assets by the United National Movement government — then political rivals of Ivanishvili — it was Mr. Vasiliadis who defended the interests of Cartu Group. He argued that Mr. Ivanishvili neither directly owned shares in Cartu Group nor held equity in the foreign entities behind it, therefore asserting no legal connection between Cartu’s assets and Ivanishvili himself. This claim was archived by Voice of America.
Further journalistic investigation aired by Georgian broadcaster Pirveli on October 21, 2023, provided additional context:
• Christa, a subsidiary of a sanctioned company, had owned Agro Cartu for several years;
• The company’s director is a resident of Chorvila and a neighbour of Ivanishvili, who stated that his appointment was facilitated by Ivanishvili’s nephew, Kakha Kobiashvili;
• Since 2021, ownership of Agro Cartu has officially belonged to Ekaterine Khvedelidze;
• In 2019, the Cartu Charitable Foundation received 20.4 million GEL in income from Christa, a subsidiary of Ledra, also associated with Vasiliadis.
Documents reviewed by Radio Liberty and data from the Pandora Papers indicate that the ties between Vasiliadis’s Ledra and Ivanishvili involved more than legal services. These connections appear to have run through Cartu Group, the business conglomerate that previously owned Cartu Bank before Ivanishvili’s formal withdrawal from politics.
Cartu Group exists in Georgia as both a joint-stock company (JSC) and a limited liability company (LLC). Financial reports submitted to Georgian authorities show the following:
• At the end of 2019, 49.6% of shares in Cartu Group (JSC) were held by Christa Investments;
• The ultimate beneficial owner of Cartu Group JSC was listed as Uta Ivanishvili, the eldest son of Bidzina Ivanishvili;
• By the end of 2020, Christa also owned 50% of Cartu Group LLC;
• By 2022, Christa no longer appeared as a shareholder in Cartu Group LLC, which had become fully owned by the Cartu Charitable Foundation;
• The current ownership of the Cartu Group JSC is unclear, as shareholder details are not publicly disclosed in the corporate registry.
This restructuring coincided with Mr. Ivanishvili’s announcement that he was permanently retiring from political life and transferring his business assets to the Cartu Charitable Foundation.
Agro Cartu, which had established agricultural facilities, laboratories, and infrastructure in regions such as Jighaura, Mtskheta—later donated to the state—was entirely owned by Christa for 11 years. On October 27, 2021, Christa transferred Agro Cartu to Ekaterine Khvedelidze. The sale amount was not disclosed. The transaction appears to have been facilitated by Kakha Kobiashvili, Ivanishvili’s nephew, who has also been identified in prior reporting as a representative of Ivanishvili’s offshore interests in Georgia.
In 2018 and 2019, the Cartu Charitable Foundation received 7.1 million GEL and 20.39 million GEL respectively from Christa, totaling 27.5 million GEL over two years. While the foundation states that these funds were used for charitable purposes, the motivation behind this level of financial support from a foreign company linked to Mr. Vasiliadis remains unclear—particularly given the absence of publicly documented business interests in Georgia unrelated to Ivanishvili.
This raises a broader question: was Christa, while formally registered under Ledra and Mr. Vasiliadis, effectively controlled by Bidzina Ivanishvili?
Christa is registered in the British Virgin Islands, a jurisdiction known for financial secrecy. Nevertheless, the company appears in the Pandora Papers, published by the International Consortium of Investigative Journalists in 2021. According to those documents:
• The intermediate owner of Christa is Ledra, which is in turn owned by Christodoulos Vasiliadis;
• However, Vasiliadis is identified only as an “intermediate owner”;
• The “ultimate beneficial owner” of Christa is listed as Bidzina Ivanishvili.
Generally, sanctions imposed on a parent company may extend to its subsidiaries. If sanctions applied to Ledra were also extended to Christa—and if Christa is indeed shown to be beneficially owned by Mr. Ivanishvili—this would represent the first publicly known instance of sanctions being applied to assets or companies directly linked to the Georgian billionaire.
Conclusion
In April 2023, for the first time in history, the United States imposed visa restrictions on Georgian citizens. These restrictions targeted three sitting judges and one former judge, all identified as members of a so-called judicial “clan,” effectively banning them from entering the United States.
On September 14, 2023, the U.S. Department of the Treasury announced sanctions against several individuals, including Georgia’s former Prosecutor General, Otar Partskhaladze, as a response to "Russia's malign influence over Georgia."
In 2024, the Treasury Department expanded its sanctions to include Zviad Kharazishvili (also known as “Khareba”), head of the Special Tasks Department of the Ministry of Internal Affairs, his deputy, and members of “Alt-Info”— a pro-Kremlin, violent, and openly homophobic group operating in Georgia.
As for Bidzina Ivanishvili, in 2022, Michael McFaul — coordinator of the International Sanctions Group under the Office of the President of Ukraine —stated publicly that Ivanishvili should be aware that continued support for Vladimir Putin could lead to sanctions being imposed against him.
The evidence presented in this petition paints a disturbing picture of entrenched financial misconduct, misuse of charitable structures, and ongoing efforts to subvert democratic processes in Georgia. Cartu Bank and the Cartu Foundation have served not as instruments of public good, but as mechanisms for consolidating wealth, laundering influence, and undermining Georgia’s sovereignty through foreign and domestic manipulation.
We therefore urge the European Union, the United States government, and international financial watchdogs to take immediate action by:
• Removing Cartu Bank from the SWIFT system, as a tool of state and elite capture;
• Imposing Magnitsky-style sanctions on Bidzina Ivanishvili, his immediate family, and his closest financial and political allies;
• Launching an independent audit and international investigation into the Cartu Foundation and its related offshore structures.
These steps are necessary not just for the health of Georgian democracy, but to set a precedent against the unchecked power of oligarchs and foreign-influenced financial corruption in the wider region.
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Further Reading & Sources
• Transparency International Georgia
Money Laundering Explained
A detailed breakdown of money laundering methods, real-world examples, and how it connects to financial institutions such as Bank Cartu.
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სახალხო პროტესტი საქართველოში, Vol. 16
