Regulatory Alerts2023-07-12
Added · Updated
Circular 7/2017
Specific controls are established for banks regarding foreign currency transfers for treatment and study purposes abroad. For treatment transfers, beneficiaries must provide a treatment entry visa (or passport copy with entry stamp for visa-exempt countries), a medical report from a Libyan public hospital, and a medical report with an invoice approved by the treating institution and certified by the Libyan Health Attaché. For study transfers, students at undergraduate and postgraduate levels must provide a study entry visa (or passport copy with entry stamp), and a recent university certificate of continued study with an invoice, both certified by the Libyan Embassy abroad. Banks are required to implement these instructions, with their Audit, Compliance, and Anti-Money Laundering departments responsible for follow-up, and non-compliance will result in penalties under Law No. (1) of 2005.
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