Libya strengthens fight against financial crime

The Central Bank of Libya has joined forces with the Libyan Asset Recovery and Management Office (LARMO) to bolster the nation’s efforts in combating money laundering and terrorism financing.

LARMO, established in 2017 with international backing, is the key Libyan agency responsible for investigating, tracing, and recovering state assets misappropriated during the Gaddafi era and its aftermath.

Experts from the Central Bank’s Financial Information Unit and LARMO’s Anti-Money Laundering and Counter-Terrorism Financing Department recently conducted a joint workshop focusing on the latest techniques to combat financial crimes.

Participants from both institutions shared knowledge and best practice, contributing to the development of strategies to address the challenges posed by money laundering and terrorism financing.

This initiative is seen as a key step in strengthening Libya’s capacity to fight financial crime and highlights the ongoing cooperation between the Central Bank and LARMO in safeguarding Libya’s financial system.