Regulatory Alerts2023-07-12
Added · Updated
Circular 3/2014: Regulations Governing the Settlement of Documents Received for Collection
The Central Bank of Libya instructs commercial banks to process collection documents received prior to the issuance of Board Decision No. 17 of 2014 according to the regulations in force at that time. Importers must provide a formal commitment to pay applicable customs duties on goods transferred under these documents, with banks required to report entities fulfilling these obligations to the Banking and Currency Supervision Department. This directive reinforces compliance with settlement procedures while maintaining banks' responsibilities for document examination.
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