Libya Establishes Agency to Combat Financial Crimes and Terrorism Financing
Establishment of the Agency
In a major move to combat financial crimes and terrorism financing, Libya’s Council of Ministers has issued Decision No. 195 of 2024, establishing an agency dedicated to tackling these issues.
The Agency for Combating Financial Crimes, Money Laundering, and Terrorism Financing will have juridical personality and financial autonomy, reporting directly to the Cabinet. The agency is tasked with:
- Combating economic crimes
- Collecting information on public money theft, money laundering, and terrorism financing
- Gathering evidence in related cases
Responsibilities and Collaboration
The agency will work closely with authorities concerned with combating money laundering at the:
Central Bank of Libya
Commercial banks operating in Libya
Additionally, it will:
- Prepare a database on financial crimes
- Exchange information with relevant authorities
- Take measures to detect and track down perpetrators outside Libyan territory
Organizational Structure and Competencies
The agency’s president will be appointed by the prime minister and will be responsible for:
Supervising the agency’s operations
Preparing its operational budget
Representing the agency in its relations with others
The agency’s organizational structure and competencies will be determined by a decision from the Cabinet.
Employees and Budget
Under Article 6 of the decision, employees designated by the Cabinet will be granted the status of judicial officers. The agency will prepare an independent budget, which will be examined and reviewed by the Court of Auditors.
Effective Date and Implementation
The decision takes effect immediately, and all competent authorities are required to execute it.
Impact and Significance
This move is seen as a significant step forward in Libya’s efforts to combat financial crimes and terrorism financing, and is expected to have a positive impact on the country’s economic stability and security.