FATF removes Libya from terror-financing watch list

The international Financial Action Task Force (FATF) lifted Libya from the list of countries unable to fight money laundering and terrorism financing, the Central Bank of Libya said in a statement.

“A major achievement was made with a decision issued by the FATF, after Libya was included in the list of states subject to follow-up with respect to ability to apply standards and obligations to combat money-laundering and terrorism financing crimes,” the bank said.

The Bank stressed that this “achievement means FATF’s approval to Libya complying with all the requirements and obligations to combat money laundering and terrorism financing crimes, in accordance with international standards.

“The approval also positively reflects the reputation of the Libyan state and enhances the confidence of international financial and economic institutions in the Libyan financial and banking institutions.”

FATF is an intergovernmental organisation established in 1989 in France to develop policies to combat money laundering and terrorism financing internationally.