Libya’s Central Bank has urged authorities to fast-track the adoption of new legislation to combat money laundering and terrorism financing, warning that further delays could damage the country’s financial reputation.
In a statement issued by the National Anti-Money Laundering and Counter-Terrorism Financing Committee, the bank said completing the national legal framework is essential ahead of Libya’s upcoming mutual evaluation by the Financial Action Task Force (FATF). The new law, it noted, must fully comply with FATF standards and international best practices.
The committee cautioned that postponing the process could have severe consequences, including the risk of Libya being listed among high-risk countries. Such a move would undermine the nation’s credibility, restrict global banking transactions, and threaten economic stability.
According to the Central Bank, strengthening the legal and institutional structure to fight financial crimes is now a top national priority. The reforms, it added, will protect the Libyan banking sector, enhance international cooperation, and reinforce the country’s integration with global financial systems.