Financial Crime World

Title: Establishment of the Agency for Combating Financial Crimes, Money Laundering, and Terrorism Financing in Libya

Background

In a significant step towards strengthening Libya’s anti-financial crime efforts, the Libyan Council of Ministers passed Decision No. 195 of 2024, establishing the Agency for Combating Financial Crimes, Money Laundering, and Terrorism Financing.

New Agency to Address Economic Crimes

The new agency, with a juridical personality and financial autonomy, reports directly to the Cabinet and is responsible for:

  1. Combatting economic crimes
  2. Apprehending perpetrators
  3. Collecting information on cases of money laundering, public money theft, and terrorism financing

Agency’s Duties and Responsibilities

The Agency’s tasks include:

  1. Cooperating with the Central Bank of Libya and commercial banks
  2. Investigating suspicious transactions
  3. Taking actions based on reports from the Central Bank and commercial banks
  4. Maintaining a database of all incidents related to financial crimes
  5. Engaging in international cooperation and information exchanges with foreign agencies

Agency’s Structure and Leadership

The new agency will be headed by a president, appointed by the Prime Minister. The president will oversee the organization and its operations, prepare the budget, and represent the agency before the judiciary. Employees designated by the Cabinet will be granted the status of judicial officers.

Budget and Financing

The agency’s budget will be independent and prepared in accordance with applicable accounting systems. The fiscal year will start at the beginning of the state’s fiscal year and end at its conclusion. The agency will maintain one or more bank accounts in a Libyan bank, and its accounts will be subject to review by the Court of Auditors.

Effectiveness and Importance

Decision No. 195 of 2024 is effective from its issuance date, and the competent authorities are tasked with executing it without delay. The establishment of this new agency is expected to bolster Libya’s efforts to tackle financial crimes, money laundering, and terrorism financing and promote transparency in the country’s financial sector.