Regulatory Alerts2023-07-12
Central Bank of Libya Circular No. 21/2012
The Central Bank of Libya’s Banking and Currency Supervision Department mandates all commercial banks to verify international shipping documents, participate in the Chamber of Commerce’s Shipping Office information network, and apply professional due care to Letters of Credit (DCP 600). Banks must contact the Shipping Office before paying collection fees and ensure correspondence adheres to international standards regarding bills of lading and certificates of origin. Failure to exercise this due care will result in charges of complicity, negligence, and failure to protect public funds against corruption and money laundering networks.
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