Regulatory Alerts2010-04-21
Added · Updated
Circular No. 17/2012 Regarding Foreign Remittances for Importing Raw Materials and Operating Supplies to Industrial Entities
The Central Bank of Libya sets a maximum annual foreign remittance limit of $500,000 for industrial entities importing raw materials and operating supplies. Commercial banks must implement systems to prevent duplicate transfers that exceed this annual cap and are prohibited from processing remittances for suppliers who fail to submit customs declarations within four months or who have not been engaged for at least two months. The circular mandates strict adherence to KYC and anti-money laundering procedures, requires monthly reporting of such transactions, and establishes criminal and civil liability for submitting forged or false documents.
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