Governor of Central Bank of Libya Urged to Take Necessary Measures Against Money Laundering

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Background

The Governor of the Central Bank of Libya has been informed of crucial information and reports regarding money laundering cases in the country. According to sources close to the matter, the office of the public prosecutor receives direct reports on suspected money laundering activities and is obligated to take necessary measures.

Reports and Measures

• The public prosecutor’s office receives reports on suspected money laundering activities.
• The Financial Information Unit of the Central Bank of Libya is informed about the contents of these reports.
• The Governor of the Central Bank of Libya has been instructed to issue circulars and instructions to relevant entities.
• All entities responsible for licensing or authorizing financial establishments have been instructed to develop tools to ensure compliance with anti-money laundering rules.

National Committee for Combating Money Laundering

A National Committee for Combating Money Laundering has been established under the governor’s chairmanship or deputyship. The committee comprises members from various government entities, including:

• Secretariat of the General People’s Committee for Finance, Economy and Trade
• Customs Authority
• Tax Authority
• Other relevant entities

The duties of the committee include:

• Recommending regulations and procedures to combat money laundering
• Facilitating information exchange among member entities
• Coordinating activities
• Preparing implementing regulations for this law
• Representing Libya in international meetings on combating money laundering

Importance of Confidentiality and Cooperation

The law emphasizes the importance of confidentiality in information sharing and cooperation with other countries in combating money laundering.

Necessary Action Required

In light of this information, it is imperative that the Governor of the Central Bank of Libya takes necessary measures to ensure the effective implementation of these anti-money laundering regulations. This includes:

• Issuing circulars and instructions to relevant entities
• Facilitating information exchange among committee members
• Representing Libya in international forums

The public prosecutor’s office must also be proactive in reporting suspected money laundering activities and cooperating with the Financial Information Unit to prevent financial crimes.

Conclusion

It is crucial that all stakeholders work together to combat money laundering and protect the integrity of Libya’s financial system. Effective implementation of anti-money laundering regulations requires a coordinated effort from all entities involved.