Tripoli: The team tasked with monitoring frozen Libyan funds abroad held its first meeting at the headquarters of the Administrative Control Authority. The meeting marked the beginning of efforts by a joint working group to oversee the status of frozen Libyan assets overseas, focusing on various financial and investment issues pertinent to the country’s economic condition and investments abroad.
According to Libyan News Agency, the meeting was convened under the leadership of Youssef Al-Aqouri, Head of the House of Representatives’ Committee for Monitoring Frozen Libyan Funds Abroad. The group, formed following a decision by the Speaker of the House of Representatives, includes key figures such as Representative Omar Ali Tantoush, Murad Mohammed Hamima from the Ministry of Foreign Affairs and International Cooperation, and Abdullah Qaderbouh, Head of the Administrative Control Authority in the Western Region. Additional representatives from the Administrative Control Authority and the Public Prosecutor’s Office are also part of the team.
The meeting, as detailed in a statement from the House of Representatives spokesperson, revolved around the tasks outlined in House of Representatives Resolution No. (113) of 2025. The primary objectives include monitoring Libya’s financial condition and investments abroad, ensuring compliance with UN Security Council resolutions, and adhering to international standards and regulations for managing sovereign assets.
Attendees deliberated on strategies to monitor investment implementations and ensure adherence to legal and technical standards. This focus aims to uphold the integrity of processes, secure sound management of sovereign funds frozen abroad, and mitigate potential risks due to inadequate implementation or weak coordination among involved parties.
Participants highlighted the necessity of enhanced oversight, joint coordination, and the reinforcement of principles such as integrity, transparency, and good governance. Such measures are crucial for safeguarding state rights, protecting funds, and bolstering international confidence in Libyan regulatory and judicial systems.
The session concluded with a commitment to ongoing coordination, regular meetings, and comprehensive reporting on the group’s progress. These efforts are crucial for protecting public funds and improving the management of Libyan investments in line with best international practices.