The National Committee for Combating Money Laundering and Terrorism Financing in Libya has held a high-level meeting to discuss the country’s preparedness ahead of a crucial international review.
The meeting, which took place on Monday at the Central Bank of Libya headquarters in Tripoli, was chaired by the Governor of the Central Bank, Mr. Nagy Issa. It brought together top officials and representatives from several key national institutions working in financial and security sectors.
At the centre of the discussions was Libya’s readiness for the upcoming mutual evaluation by the Financial Action Task Force (FATF), a global body responsible for setting standards and promoting the effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing, and other related threats.
According to officials, the mutual evaluation is a significant exercise that determines how well a country is complying with international laws and standards in the fight against financial crimes.
The committee used the meeting to assess international reports that have evaluated Libya’s current situation in this area. It was noted that several challenges still remain, especially due to the absence of a comprehensive and updated legislative framework aligned with FATF guidelines.
Without such legal backing, Libya’s financial system remains vulnerable to exploitation by criminals engaged in laundering illicit funds or financing terror-related activities, the committee warned.
Participants at the meeting also studied reports from international intelligence and financial watchdog agencies. These reports raised concerns about cross-border money laundering activities and potential terrorist financing networks that may be linked to Libya, either directly or indirectly.
The officials acknowledged that these issues not only tarnish the country’s image on the global stage but also put its economy at risk, potentially discouraging foreign investment and cooperation with international financial institutions.
In response, the committee reviewed the progress made so far by the team tasked with implementing Libya’s national strategy on anti-money laundering (AML) and combating the financing of terrorism (CFT).
It was agreed that while some achievements have been recorded, many challenges still exist. These include weak coordination among key agencies, outdated regulatory tools, and gaps in enforcement capacity.
The committee also identified the need for greater awareness and training among professionals in the banking, legal and security sectors, in order to detect and prevent suspicious financial activities more effectively.
Central Bank Governor Nagy Issa called for stronger collaboration between government institutions and urged relevant agencies to speed up work on drafting new legislation and updating existing frameworks to align with FATF requirements.
He stressed that failure to meet the FATF standards could lead to Libya being blacklisted, which would isolate the country from the global financial system and severely affect its international trade and financial transactions.
The meeting also touched on the importance of building institutional capacity, including investing in technology to track and monitor high-risk transactions, as well as improving cooperation with international partners in intelligence-sharing and investigations.
Security and financial experts at the meeting advised that Libya must adopt a proactive approach, including swift reform measures, if it hopes to pass the FATF mutual evaluation and avoid penalties.
The National Committee agreed to continue its regular meetings and follow-ups with key stakeholders to ensure that the country stays on track and meets its obligations before the FATF assessment begins.
Observers say that Libya’s progress in this area will be closely watched by the international community, especially as the country continues its efforts to stabilise politically and rebuild its economy after years of conflict.
The outcome of the FATF review will likely influence foreign investor confidence, international financial support, and Libya’s ability to participate in the global financial system without restrictions.
With the stakes high and the risks clear, the committee is now under pressure to move from policy discussions to action before the FATF experts arrive.
