Libyan Parliament and Central Bank Discuss Proposed Law to Combat Money Laundering and Terror Financing
A crucial meeting was held on Sunday between the Libyan Parliament’s Planning, Finance, and General Budget Committee and the Financial Information Unit of the Central Bank of Libya (CBL) in Tripoli. The purpose of the meeting was to discuss a proposed law aimed at combating money laundering and financing terrorism.
Proposed Law: Enhancing Reform Efforts
Libya’s Finance Minister Khaled Al-Mabrouk emphasized the importance of enhancing reform efforts to counter money laundering and terror financing schemes. He highlighted the need for governance over procedures followed by Tax and Customs authorities to strengthen and reform the system of revenue collection. The Minister held a meeting with:
- Director-General of the Customs Authority
- Deputy Director-General of the Tax Authority
- Director of the Libyan Financial Information Unit at the CBL
Mechanisms for Coordination and Cooperation
The meeting focused on mechanisms for coordination and cooperation between:
- Ministry of Finance
- CBL
- Tax Authority
- Customs Authority
- All relevant entities
It also addressed obstacles encountered by Customs and Tax authorities in carrying out their assigned tasks, proposing appropriate remedies and effective solutions.
Investigations into Digital Currency Encryption Cases
Recently, investigations into digital currency encryption cases in Libya revealed money laundering operations conducted outside official channels. Sources at the Libyan Public Prosecution told Al-Araby Al-Jadeed newspaper that:
- “Mining operations were carried out through unlawful means, and the proceeds were invested both domestically and internationally.”
- Investigations are still ongoing into the incidents.
Security Forces Campaigns Against Digital Currency Mining
Security forces in western Libya have conducted campaigns against sites used for digital currency mining, which the CBL has banned since 2018. The proposed law aims to combat these illegal activities and prevent the misuse of digital currencies.
Conclusion
The proposed law is set to be submitted to the Parliament for approval and adoption. It is crucial that the Libyan government takes concrete steps to combat money laundering and terror financing, and this proposed law is a significant step in that direction.