Financial Crime World

New Agency Established: Agency for Combating Financial Crimes, Money Laundering, and Terrorism Financing in Libya

The Libyan Council of Ministers has established the Agency for Combating Financial Crimes, Money Laundering, and Terrorism Financing with Decision No. 195 of 2024.

Background

  • After an extensive review of the Constitutional Declaration, Libyan Political Agreement, and various related laws.
  • Following the Libyan Dialogue Forum and granting confidence to the Government of National Unity.

Mandate and Responsibilities

The new agency will:

  1. Combat economic crimes.
  2. Investigate cases of public money theft, money laundering, and terrorism financing.
  3. Cooperate with the Central Bank of Libya, commercial banks, and related authorities.
  4. Prepare a database of financial crimes.
  5. Exchange information with international partners.
  6. Represent Libya in regional and international forums on the subject.

Structure and Leadership

  • Headed by a president, appointed by the prime minister.
  • Specific organizational structure and competencies determined by the Cabinet.
  • Employees granted the status of judicial officers.
  • Independent budget preparation in accordance with applicable accounting systems.

Impact and Collaboration

This new agency will:

  • Play a pivotal role in strengthening Libya’s financial security.
  • Collaborate with international organizations to improve regulatory framework.
  • Develop a comprehensive strategy to combat financial crimes.

Powers and Cooperation

  • Power to request information and documentation from relevant parties.
  • Work closely with the Libyan police force and judicial authorities.

Key Decision Highlights

  • Establishment of the Agency for Combating Financial Crimes, Money Laundering, and Terrorism Financing.
  • Mandate to combat economic crimes, investigate financial crimes, and cooperate with international partners.
  • President of the agency appointed by the prime minister.
  • Employees granted the status of judicial officers.
  • Independent budget preparation and audit.
  • Operations to begin upon the decision’s issuance.