Regulatory Alerts2023-07-12
Added · Updated
Circular 21/2012 on the Requirement for Commercial Banks to Inquire with Relevant Authorities Regarding International Shipping Documents
Commercial banks in Libya are required to subscribe to the International Chamber of Commerce's Trade Services Bureau and verify international shipping documents against international standards before settling any collection documents. Correspondents must be instructed to professionally verify documents, particularly bills of lading and certificates of origin, in accordance with UCP 600, with non-compliance resulting in the termination of future business relationships. Failure to exercise due diligence may lead to charges of complicity, negligence, and aiding corruption or money laundering networks.