Money Laundering Prevention Strategies in Libyan Arab Jamahiriya: Banking Sector Calls for Delegation of Responsibility
Exclusive Interview with Ahmed Rajab, General Manager of Jumhouria Bank
In a recent interview, Ahmed Rajab, General Manager of Jumhouria Bank, discussed the challenges faced by the banking sector in Libya regarding money laundering prevention and safe transfers. According to Rajab, the current system is plagued by limitations on company and individual transfers, highlighting the need for a more flexible approach.
Challenges Faced by the Banking Sector
- Limitations on company and individual transfers
- Unstable government and lack of proper system after the revolution
- Attractive target for money launderers due to political uncertainty
Rajab emphasized that these challenges have made it difficult for the banking sector to effectively prevent money laundering and ensure financial stability.
Proposal for Delegation of Responsibility
To address this issue, Rajab proposed delegating responsibility to the banking sector itself. “We’re gradually trying to improve by discussing these issues with the Central Bank and trying to facilitate this gradually and introduce things gradually to soothe the regulations and increase transparency,” he explained.
Importance of Building Trust
Rajab also stressed the importance of building trust between the banking sector and the people, enabling individuals working abroad to transfer their money safely. “We have to create some trust between the banking sector and the people itself to enable a number of things in the banking sector here,” he concluded.
Call for Greater Delegation of Responsibility
The call for greater delegation of responsibility comes as Libyan authorities struggle to combat money laundering and ensure financial stability in the wake of ongoing political uncertainty. As Rajab’s comments suggest, the banking sector is eager to work together with the Central Bank to implement effective prevention strategies and restore public trust in the country’s financial institutions.
Conclusion
The banking sector in Libya is facing significant challenges in preventing money laundering and ensuring financial stability. Delegating responsibility to the banking sector itself could be a key step in addressing these issues and restoring public trust in the country’s financial institutions.