Regulatory Alerts2023-07-12
Added · Updated
Libya Central Bank Circular 7/2017: Regulations on Foreign Currency Transfers for Medical Treatment and Study
Libya Central Bank Circular 7/2017 mandates that banks continue processing foreign currency transfers for medical treatment and private-funded university studies within the annual ceilings established in Circular 2016/3. For medical transfers, banks must verify a medical report from a Libyan public hospital, a certified invoice from the foreign facility, and either an entry visa or a passport entry stamp for visa-exempt countries. For study transfers, banks must verify a university confirmation of continued enrollment, a recent invoice certified by the Libyan embassy, and an entry visa or passport entry stamp. Banks are required to implement these instructions through their audit, compliance, and anti-money laundering units, with non-compliance subject to inspections and penalties under Law No. 1 of 2005.
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