Central Bank of Libya

P.O. Box 1103, Telegram Address: CBL-Libya - Tripoli - Libya

Ref: C.B.L.

Circular No. C.B.L. (2017 / 11)

Date: 30 Safar 1439 AH
Subject: November 19, 2017 AD

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To: General Managers of Banks

Greetings,

With reference to Circular No. C.B.L. (2009/5) issued on April 19, 2009, which disseminated the decision of the Board of Directors of the Central Bank of Libya No. (13) of 2009 regarding the amendment of the settlement period for foreign remittances issued for commercial purposes to a maximum of four months.

And with reference to Circular No. C.B.L. (2014/3) issued on September 18, 2014, regarding the regulations governing the payment of documents received for collection, whereby banks are obliged to inform the Banking Supervision Department and the Licensing Department of the names of entities that fail in their customs obligations.

And with reference to Circular No. C.B.L. (2015/3) issued on April 30, 2015, which approved Decision No. (96) of 2015 of the Governor of the Central Bank of Libya, obliging banks under Article 5 thereof to require suppliers via standing letters of credit to submit customs declarations indicating that the supplied goods have entered Libyan ports and borders within two months from the date of receiving the documents, and to inform the Banking Supervision Department and the Licensing Department of cases of failure to submit the required customs declarations at the appropriate time, to take necessary measures accordingly.

Therefore, you are requested, when forwarding correspondence related to reporting cases of failure to submit the required customs declarations, as well as requests to resume business with companies that have submitted their customs declarations, to adhere to the following:

First: Correspondence related to reporting a customs failure must be accompanied by the following documents with the forwarding letter:

1. The full name of the entity as per the Commercial Register.
2. Names of the Board of Directors members recorded in the Commercial Register.
3. The Commercial Register number and the city of issuance.
4. A colored copy of the entity's valid Statistical Code Card.
5. The entity's account number.
6. Branch name.
7. Type of remittance (Letter of Credit, Documents against Collection, Direct Bank Remittance), its number, value, and date.

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Second: Correspondence related to requesting to resume business with entities previously suspended for not submitting the customs declaration must be accompanied by the following documents with the forwarding letter:

1. The bank's forwarding letter must state that the bank has verified the authenticity of the customs declaration and that it complies with the required legal procedures.
2. The original customs declaration stamped with an official seal.
3. A colored copy of the entity's valid Statistical Code Card.
4. The full name of the entity as per the Commercial Register.
5. Names of the Board of Directors members recorded in the Commercial Register.
6. The Commercial Register number and the city of issuance.
7. The entity's account number.
8. Branch name.
9. Type of remittance (Letter of Credit, Documents against Collection, Direct Bank Remittance), its number, value, and date.

You are also requested to establish a special system through which to document companies found to have failed in submitting the required customs declarations, in exchange for opening standing letters of credit or documents against collection or making foreign remittances, as well as companies that have been documented for future reference, when submitting a request to obtain the bank code specific to the entity via the (CBL Client key) system, or taking any banking or legal measures concerning them.

We therefore emphasize the necessity of adhering to and complying with the instructions of the Central Bank of Libya, ensuring the integrity of measures taken regarding them, without prejudice to the responsibility of banks for the accuracy and compliance of the data and documents submitted. All banks will be subject to inspection to ensure the proper implementation of these controls as required, and no correspondence reaching the Administration will be considered unless it meets the aforementioned controls.

Peace, mercy, and blessings of God be upon you.

Abdulhafidh Masoud Tarbil
Manager of Banking Supervision and Verification Department / Authorized Representative

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Legal Affairs

Mr./ Manager of Legal Affairs Department - Central Bank of Libya Mr./ Manager of Operations Department - Central Bank of Libya Mr./ Manager of Information and Networks Department - Central Bank of Libya Mr./ Manager of Press Operations Department - Central Bank of Libya Mr./ Manager of Financial Information Unit - Central Bank of Libya Mr./ Chairman of the Committee for Covering Bank Accounts Abroad - Central Bank of Libya Mr./ Deputy Manager of Banking Supervision Department and Head of Office Supervision and Compliance Monitoring Mr./ Deputy Manager of Banking Supervision Department and Head of Media and Press Supervision Mr./ Deputy Manager of Banking Supervision Department and Head of Field Supervision, Accounts, and Legislation Director/ Contracts and Services Department (Rent, Insurance, Anti-Money Laundering) Section/ Heads of Units (Accounting, Audit, Bank Supervision, Follow-up) Section/ Internal Audit and Statistics

Signature: 2017, C.B.L.