Central Bank of Libya

P.O. Box 1103 | Telegram Address: Misratiya - Tripoli - Libya

Reference: M.N. 804
Circular No. (21/2012)
Date: 20 Sha'ban | Corresponding to: 05 November 2012

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To the General Managers of Commercial Banks
To the Heads of Interim Administrative Committees of Commercial Banks
To the General Manager / Libyan External Bank

Subject:

Based on the provisions of Law No. (1) of 2005 concerning Banks and its amendments, and the provisions of Law No. (2) of 2005 concerning the fight against money laundering and executive directions.

In continuation of this department's circular No. (2010/1) dated 6/1/2010, which requested all banks to verify the validity of international shipping documents submitted to them and participate in the information network of the Shipping Office at the Chamber of Commerce.

In reference to our periodic letter No. M.N. (2010/164) dated 8/2/2010, which referred to the aforementioned circular and emphasized the necessity of participating in the Shipping Office information network and subjecting suspicious operations to inquiry and verifying the validity of shipping documents submitted before payment.

Accordingly, you are requested to adhere and comply with the following:

1. Participation in the (Shipping Office) at the Chamber of Commerce (Commercial Crime Services).

2. Necessity of contacting the Shipping Office at the Chamber of Commerce to verify shipping documents, according to international practices, before paying any collection fee documents received.

3. Directing correspondents to verify documents professionally, according to international controls and practices, and for Letters of Credit (DCP 600), particularly regarding bills of lading and certificates of origin, and notifying them that failure to exercise due professional care will result in prohibiting future dealings with them.

We also inform that lack of attention in this regard will result in charges of complicity, negligence, and failure to protect public funds, and supporting corruption and money laundering networks.

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Yours faithfully, always and our regards...

"Dr. Mohamed Abduljalil Abu Seneina"
Director of the Banking and Currency Supervision Department

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Copy to Mr. Al-Bazaah
Copy to Mr. Deputy Al-Bazaah
Copy to Mr. Undersecretary of the Ministry of Economy
Copy to Mr. Undersecretary of University Affairs
Copy to Mr. Director of Central Treasury - Central Bank of Libya
Copy to Mr. Director of the Financial Information Unit - Central Bank of Libya
Copy to the Central Advisory and Criminal Supervision Office

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m/aiya * 12 * m. 14 / attended by

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