LIBYA’S GOVERNMENT ESTABLISHES AGENCY TO FIGHT FINANCIAL CRIMES AND TERRORISM FINANCING

In a significant move aimed at combating financial crimes and terrorism financing, Libya’s Council of Ministers has issued Decision No. 195 of 2024, establishing an agency dedicated to the task.

Agency Responsibilities

The Agency for Combating Financial Crimes, Money Laundering, and Terrorism Financing will have:

Juridical personality
Financial autonomy
Reporting directly to the Cabinet

Its main responsibilities include:

Combating economic crimes
Collecting information on public money theft, money laundering, and terrorism financing
Gathering evidence in cases related to these crimes

Collaboration with Authorities

The agency will work closely with relevant authorities, including:

Central Bank of Libya
Commercial banks operating in the country

To exchange information and take necessary actions regarding reports of financial crimes.

Agency Structure

The agency will be headed by a president appointed by the prime minister, who will have full supervision over the agency’s operations. The president will also be responsible for:

Preparing the agency’s operational budget
Proposing its organizational structure
Issuing administrative decisions

Employee Status and Budget

Employees of the agency will be granted the status of judicial officers, and the agency will prepare an independent budget in accordance with applicable accounting systems. The Court of Auditors will examine and review the agency’s accounts in accordance with Law No. 19 of 2013.

Effective Date

The decision takes effect from the date of its issuance, and competent authorities are responsible for executing it.

Conclusion

This move is seen as a significant step forward in Libya’s efforts to combat financial crimes and terrorism financing, and demonstrates the country’s commitment to implementing effective laws and regulations in this area.