Regulatory Alerts2023-07-12
Circular 19/2012 on Direct Foreign Remittances for Industrial Purposes
The Central Bank of Libya issued Circular 19/2012 to suspend direct foreign remittances for industrial purposes, restricting commercial banks from processing requests by licensed industrial companies to a 10% limit of their annual letters of credit. The directive mandates that beneficiary companies maintain active current accounts for at least two years, submit valid customs declarations and statistical code cards, and comply with Know Your Customer (KYC) and anti-money laundering due diligence procedures. Banks must exercise strict verification of submitted documents, enforce criminal and civil liability for false submissions, and report weekly executed remittances to the Banking Supervision Department on compact discs.
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