Libya

New Documents

Transparency International: Libya Should Broaden Scope of Required Asset Disclosures for Public Officials

According to a report on asset declarations in Libya published by Transparency International, the country needs to develop a sufficient basis for conflicts of interest rules for public officials, increase the frequency of asset declarations and provide access to the public on asset declarations.

May 17, 2016

US State Department Announces Program to Combat Trafficking of Libyan Artifacts

The U.S. State Department issued a press release concerning the creation of the Emergency Red List of Libyan Cultural Objects at Risk in collaboration with the International Council of Museums. The State Department noted that the goods are in danger of being trafficked by terrorist groups.

December 16, 2015

UN Amends Libya Sanctions List

September 5, 2013

Interpol Helps Libya in Creating First Crime Analysis Unit

June 5, 2013

Albania, Croatia, Others Adopt Sanctions Against Libya

April 5, 2011

News

Weekly Roundup: Trump to Reinstate Sanctions Against Cuba, US Senators to Introduce New Sanctions Against Russia, and More

U.S. lawmakers renew calls for Deutsche Bank to disclose anti-money laundering data on President Donald Trump, HSBC chooses artificial-intelligence firm to augment compliance efforts, and more, in this week’s roundup.

June 2, 2017

Midweek Roundup: Supreme Court Rules on ‘Untainted’ Asset Seizures, China Rises as Money Laundering Destination, and More

HSBC’s independent compliance monitor has identified a number of potential regulatory lapses at the institution, criminals from around the world are increasingly turning to China to launder illicit funds, and more, in the midweek roundup.

March 30, 2016

Weekly Roundup: HSBC Seeks to Keep AML Report Confidential, Julius Baer to Settle U.S. Tax Charges Soon, and More

January 15, 2016

Weekly Roundup: German Lawmakers Approve Plan to Punish Banks that Aid Tax Dodgers, Barclays Reaches Deal with Somali MSB, and More

April 18, 2014

Midweek Roundup: JPMorgan Limits Correspondent Banking, Interpol to Investigate Alleged $1 Billion of Looted Libyan Money, and More

August 28, 2013

Enforcement Actions

0 Items Found

Key Documents

Libya Criminalizes Money Laundering

January 12, 2005

Libya Passes Banking Law

July 27, 2005

Important Facts

  • The U.S. State Department lists Libya as a monitored jurisdiction. The country's geographic location, porous borders and low law enforcement capacity make it an attractive point for narcotics trafficking, including hashish/cannabis and heroin. Markets are primarily cash-based. Bribery of border officials is common of migrants from sub-Saharan Africa and Egypt who move to or through Libya. Corruption and perceived corruption remain serious issues. Following the political unrest since the 2011 revolution, armed militias and tribes within Libya have frequently engaged in criminal activity for profit including theft, weapons trafficking and extortion. The U.N. Security Council passed Resolution 2213 in 2015, which imposes targeted sanctions against individuals and entities who undermine Libya's stability. Additionally, Libya is a source, destination and transit point for smuggled goods, including Libyan government-subsidized items such as fuel and food as well as black market and counterfeit goods from sub-Saharan Africa, Egypt and China.
  • KYC Covered Entities: Banks and financial institutions licensed by the Central Bank of Libya (CBL)
  • STR Covered Entities: Banks and financial institutions licensed by the CBL
  • Enhanced Due Diligence Procedures for PEPs: Foreign: N/A; Domestic: N/A
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 0 (2015); Convictions: 0 (2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : High :
Largely Compliant : Substantial :
Partially Compliant : Moderate :
Non-Compliant : Low :

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : 173/179
Score : 17/100

Tax Justice Network i

Rank : 33/92
Score : 83/100