CBL to investigate companies suspected of smuggling hard currency through LCs
By Sami Zaptia.
London, 21 May 2018:
The Governor of the Tripoli-based Central Bank of Libya (CBL), Saddek El-Kaber, has instructed the CBL’s Anti Money Laundering Crimes Unit to open an urgent investigation into a number of Libyan companies accused by the Audit Bureau of smuggling hard currency through documentary letters of credit.
The CBL said, in a statement issued yesterday, that the Governor has requested that the Audit Bureau urgently forward any evidence it holds on the accused companies for the CBL’s Anti Money Laundering Crimes Unit to take any necessary action needed.
In the meanwhile, the CBL said that it will refrain from publishing the names of the accused companies in case it negatively affects the investigation.
The CBL stressed that the confirmation of the opening of documentary letters of credit originates from the relevant department of the Presidency Council’s Ministry of Economy, which is in turn overseen by the Audit Bureau.
To this end, the CBL expressed its surprise that the Audit Bureau had approved the opening of LCs in the first place for the companies it is now accusing of hard currency smuggling.