Lana: Governor of the Central Bank of Libya (CBL), Naji Issa, and his accompanying delegation met with Mr. Brian Patterson, Deputy General Counsel for Legal Affairs at the International Monetary Fund (IMF), in the presence of representatives from the IMF's Legal Department. The meeting focused on improving technical and legal cooperation between the CBL and the IMF and discussed the laws and regulations that the Bank plans to put in place, especially the draft law on fighting money laundering and terrorist financing, following the highest international standards set by the Financial Action Task Force (FATF).
According to Libyan News Agency, the meeting also addressed updating Banking Law No. (1) of 2005, as amended by Law No. (46) of 2012, to align with modern banking governance and supervision requirements. Additionally, there was a focus on updating the regulations for licensing electronic payment companies to keep pace with digital transformation, promote financial inclusion, and adhere to cybersecurity standards.
At the conclusion of the meeting, it was agreed that the IMF would provide specialized technical support to the technical and legal teams formed by the CBL. The aim is to prepare initial drafts of these laws and legislation and contribute to strengthening the safety and stability of the Libyan financial system.