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Libyan Arab Jamahiriya Falls Short in Financial Institution Compliance Policies

A recent assessment by international financial authorities has revealed significant shortcomings in Libyan Arab Jamahiriya’s compliance with anti-money laundering and counter-terrorism financing regulations.

Key Findings

According to the report, Libyan Arab Jamahiriya scored poorly on several key indicators:

Failure to implement adequate customer due diligence procedures (R.10)
Lack of transparency in beneficial ownership of legal persons and arrangements (R.24 and R.25)
Poor regulation and supervision of financial institutions (R.26)
Limited powers of supervisors (R.27)
Non-compliance with regards to its regulation and supervision of designated non-financial businesses and professions (DNFBPs) (R.28)

Positive Notes

On the other hand, the report praised Libyan Arab Jamahiriya’s efforts in:

Implementing targeted financial sanctions related to terrorism and terrorist financing (R.6)
Reliance on third parties (R.17)
Financial institution secrecy laws (R.9) and customer due diligence procedures (R.10)

Technical Compliance Ratings

Here is a breakdown of the report’s technical compliance ratings:

R.1 - Assessing risk & applying risk-based approach: Largely Compliant
R.2 - National cooperation and coordination: Largely Compliant
…
R.40 - Other forms of international cooperation: Largely Compliant

Conclusion

The report’s findings serve as a wake-up call for Libyan Arab Jamahiriya to address its compliance shortcomings and bring its financial institution policies in line with international standards.

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