Tripoli, Libya - The Governor of the Central Bank of Libya (CBL), Naji Issa, has issued a strong appeal to the nation's legislative body to expedite the approval of the draft law on combating money laundering and terrorism financing. This plea comes as Libya prepares for a crucial mutual evaluation by the Financial Action Task Force (FATF), a global watchdog against financial crimes.

In his capacity as Chairman of the National Committee for Combating Money Laundering and Terrorism Financing, Governor Issa emphasized the urgency of the legislation during the committee's first meeting of 2025, held at the CBL headquarters in Tripoli on Monday. The meeting focused on Libya's preparedness for the upcoming FATF evaluation, highlighting the critical need for the country to align with international standards.

"The prompt passage of this law is essential for Libya to demonstrate its commitment to combating financial crimes," Governor Issa stated. "Failure to comply with international standards could lead to severe consequences, including being classified as a non-compliant state, which would significantly impact our financial stability and international relations."

The committee also approved an updated national strategy for combating money laundering and terrorism financing, outlining detailed implementation steps to ensure its effective execution. This strategic update reflects Libya's proactive approach to strengthening its financial integrity and security.

Libya's efforts to combat money laundering and terrorism financing are particularly significant given the country's complex political and economic landscape. Years of instability have created vulnerabilities that can be exploited by criminal and terrorist networks. The FATF evaluation is a critical assessment of Libya's ability to address these vulnerabilities and maintain a robust financial system.

The FATF, an inter-governmental policy-making body, sets global standards for combating money laundering and the financing of terrorism and proliferation of weapons of mass destruction. Its evaluations are crucial for maintaining the integrity of the international financial system. Countries deemed non-compliant face potential sanctions, including restrictions on financial transactions and reduced access to international financial institutions.