Libyan Arab Jamahiriya Unveils Money Laundering Techniques to Combat Financial Crime
In a bid to stay ahead of global efforts to combat financial crime, Libyan Arab Jamahiriya has revealed its latest strategies in tackling money laundering. According to experts, the North African nation has taken a significant step forward in enacting laws and establishing institutions aimed at countering the menace.
Laws and Institutions
The country’s legislative body has been working tirelessly to prepare a new law against money laundering, taking into account international developments and experiences in the field of combating financial crime. The initiative began with the enactment of Law Number 7 of 1990 on Combating Drug Trafficking and Psychotropic Substances, which criminalized money laundering resulting from drug trafficking and psychotropic substance-related crimes.
Key Provisions
- Law Number 2 of 2005 on Money Laundering was enacted, coming into effect on January 12, 2005.
- The law criminalizes money laundering operations resulting from any crime, as well as related acts such as releasing information on individuals accused of being involved in money laundering.
Financial Information Unit and National Committee
The law established a “financial information unit” within the Central Bank of Libya and sub-units in other commercial banks to monitor suspected operations with a view to verifying money laundering attempts. Additionally, a National Committee on Combating Money Laundering was set up under the presidency of the Governor of the Central Bank or his Deputy.
Committee Members
- Representatives from various government agencies, including:
- Bank
- Foreign Affairs
- Economic Affairs
- Financial Affairs
- Justice
- Public Security
- Customs and Tax Authorities
Objectives and Functions
The committee is tasked with developing strategies and implementation mechanisms to deal with money laundering operations and suggesting required actions to combat them.
Key Objectives
- Freeze, seize, and confiscate assets linked to money laundering.
- Cooperate with other countries in the field of information exchange, investigation, and implementation of orders and sentences.
Implementation Timeline
The country is expected to fully operationalize its national committee on combating money laundering by May 2005.
Conclusion
Libyan Arab Jamahiriya’s efforts demonstrate its commitment to combating financial crime and staying ahead of global trends in money laundering. As a major player in the region, Libya’s move is seen as a significant step forward in the fight against financial terrorism and organized crime.