LARMO spearheads global fight against financial crime at Paris summit

A high-level delegation from Libya’s State Assets Recovery and Management Office (LARMO) has taken part in a landmark international gathering aimed at tackling corruption and financial crime, bringing together representatives from 61 countries in Paris.

The 20th General Assembly of the KARIN Network, which convened in the French capital, saw LARMO officials engage with leading global experts in asset recovery, according to an official statement obtained by Ain Libya.

The summit focused on sharing international best practices in recovering misappropriated assets and addressing the complex challenges posed by money laundering and cross-border financial crimes.

In a series of diplomatic breakthroughs, the LARMO delegation held crucial bilateral talks with counterparts from Ukraine, Portugal, Malta, France, South Africa, Germany, the United Kingdom and the United States, seeking to bolster international cooperation in asset recovery.

The office’s participation underscores Libya’s unwavering commitment to reclaiming state assets, a move seen as vital for reinforcing national sovereignty and ensuring justice prevails.

In a significant development, LARMO is collaborating with the United Nations on an ambitious initiative to establish itself as the KARIN Network’s regional hub for North Africa.

This strategic positioning would substantially enhance the office’s database capabilities and forge stronger connections with international financial institutions, legal bodies and law enforcement agencies.

LARMO, which operates as an autonomous entity under the Council of Ministers, stands as Libya’s sole governmental body tasked with investigating, recovering and managing Libyan assets worldwide. The office maintains complete financial independence and legal authority in pursuing its mandate.​​​​​​​​​​​​​​​​