Tripoli: The National Committee for Combating Money Laundering and Terrorism Financing has urged the legislative authority to promptly adopt the Draft Law on Combating Money Laundering and Terrorism Financing, which has been referred to it by the committee. This call to action was made during a meeting held in Tripoli, led by the Governor of the Central Bank of Libya, Naji Issa.
According to Libyan News Agency, the committee emphasized that the adoption of this law represents a critical step in implementing Libya’s national strategy and aligning with international standards and requirements. The meeting, which was the committee’s first of the year, was attended by Governor Naji Muhammad Issa, who serves as Chairman of the Committee, along with representatives from various national bodies and institutions.
The committee approved updates to the national strategy for combating money laundering and terrorist financing, focusing on the necessary executive steps to ensure effective implementation. These measures aim to ensure Libya’s compliance with standards to combat money laundering and terrorist financing, thereby avoiding the risk of classification as a non-compliant country.
During the discussions, the committee also addressed Libya’s readiness for the mutual evaluation process by the Financial Action Task Force (FATF). They highlighted the importance of adhering to international standards through the development of a robust legislative framework, including relevant laws, regulations, and controls. The committee underscored the necessity for measures that ensure Libya’s commitment to these international standards and enhance the effectiveness of national efforts in combating money laundering and terrorist financing.