19.12.2005
Libyaninvestment.com

To apply convictions of this law.

Meanings of references are shown against each

• State : Libyan Arab People's Socialist Jamahiriya.
• Central bank : central bank of Libya .
• Governor : governor of central bank of Libya .
• Committee : national committee of laundry amounts contention.
• Unit : financial information unit of central bank of Libya .
• illegal amounts : amounts obtained from crimes directly or indirectly whether fixed or circulating, documents proving ownership of amounts or any related rights.

Article (2)

Money laundry.

•  Money laundry crimes:-

•  To own illegal money or its use or disguise its illegal resource or transfer or deposit of amounts

•  To disguise reality of illegal money.

•  Participation in the aforementioned in any way.

•  Illegal amounts are those obtained from crime, crimes stipulated in the international agreement and protocols attached to it as well as international agreement against decay and corruption and other related international agreements.

Article (3)

Establishment criminal responsibility.

State financial, commercial and economic establishments are responsible on money laundry crimes if committee by its name or for its account. Penalty to be imposed as per article (4) para (2) of this law.

Article (4)

Money laundry fines

•  Fine for this crime stipulated in para (1) of article (2) is imprisonment and fine equivalent of value as well as confiscation of money. Person participating in crime, crime penalty to be confiscated - even stronger with increase up to one third. If person involved in crime knows that amounts are obtained from a crime, crime penalty to be applied on him event without participating in it.

•  Penalty is imposed on establishments which commit crime in its name or for its account. Fine is double crime penalty and money is confiscated. Also license is with drawn and establishment will be closed.

Article (5)

Crimes penalties related to money laundry

•  Imprisonment penalty and fine not exceeding 15,000 L.D and not less than 1000 L.D or both penalties will be imposed on any office or financial or commercial or economic establishment who have knowledge of money laundry crime and does not inform the concerned authority.

•  Imprisonment penalty and fine not exceeding 10,000 L.D and not less than 500 L.D or anyone. Penalty will be imposed on any one who notify an individual that dealings are under checking or investigation as there is doubt that it is illegal.

•  Penalty will be for contradicting victions of article (8) of this law with fine not exceeding 10,000 L.D and not less than 500 L.D and money to be confiscated until general attorney proves that there is no related crime.

•  Imprisonment penalty for a period not less than one year for anyone who informs concerned authority with evil intention or to suspect others that there is money laundry crime.

•  Imprisonment penalty or fine not exceeding 10,000 L.D and not less than 500 L.D on anyone who contradicts other victions of this law or regulations or decisions or issued circulars.

Article (6)

Anyone who informs about money laundry crime before its discovery by concerned authority will be exempted from penalty.

Article (7)

Blocking and arrest

•  Governor of central bank of Libya blocks accounts suspected having relation with money laundry crimes for period not exceeding one month.

•  Head of concerned attorney orders blocking of accounts or money or suspected means having relation with money laundry crimes so that arrest period not to exceed three months as per this para.

•  The court involved order arrest of accounts or money or suspected means having relation with money laundry crimes so that arrest period not to exceed three months as per this para.

•  Execution of money confiscation as per previous two paras through central bank if money is in any of the banks or establishment under supervision of central bank.

Article (8)

Declaration of money resources transferred to the state.

Central bank limits maximum amounts allowed to be entered in cash without declaration and its source. Additional amounts will be subject to declaration as per central bank system.

Article (9)

Financial information unit

•  Unit named financial information in central bank will be established for money laundry operations' dealings from financial, commercial and economic establishments and notification to be submitted from any individual or authority. This unit exchanges with other countries information and reports on suspected money laundry dealings according international agreements which the state is part of.

•  All banks in the state to establish unit named: information concerning money laundry control to trace suspected illegal dealings or transfers of unknown resources. This unit to notify financial information unit in central bank stated in para (1) of this article. Governor will issue decision to organize responsibilities and arrangements of the established units.

Article (10)

Financial information unit role

•  Unit stated in article (9-1) after studying the notified case should inform the governor of any information and reports for necessary arrangements.

•  If the general attorney receives direct notification of money laundry cases, it should take necessary arrangements and notify financial information unit in central bank of Libya .

Article (11)

National committee for money laundry control

National committee for money laundry control will be established and named according this law headed by governor of central bank of Libya or deputy and one member or more from the following authorities:-

•  Central bank.

•  GPC for financial and technical control.

•  GPC for justice.

•  GPC for public security.

•  GPC for finance.

•  GPC for economy and trade.

•  GPC for foreign affairs and international cooperation.

•  Customs department.

•  Taxation department.

Representatives will be selected after obtaining head of committee's advice and decision for its formation and entitlements of its members to be stated by board of director of central bank of Libya .

Article (12)

Committee's assignments as follows :-

•  To suggest systems and arrangements for money laundry control.

•  To facilitate exchange of information and coordinate with represented authorities.

•  To prepare internal rules which organize committee's work and rules to be according decision by board of director of central bank of Libya .

•  To suggest executive rules of this law according convictions in article (16) of this law.

•  To represent the state in symposiums and international conferences concerning money laundry control.

•  To prepare report form of suspected dealings in article (9) of this law and to state method of dispatch to financial information unit in central bank.

•  Any other assignments which are authorized by board of director of central bank of Libya .

Article (13)

Mechanism for money laundry control:-

Concerned authorities for granting license or approval to financial, commercial and economic establishments to resume its activities as well as control and supervision authorities to implement suitable mechanism to ascertain that it adheres to systems, rules of money laundry control and notify financial information unit in central bank with suspected cases once discovered. Central bank of Libya will give instructions to be followed for money laundry control and will be circulated by the governor.

Article (14)

Any authorities which obtain information or details according victions of this law to treat as confidential in order to use in investigations and cases related to money laundry crimes and other crimes stipulated in this law.

Article (15)

Judicial corporation with other countries in money laundry control

•  The attorney general as per request of legal authority from other country to order follow up of amounts resulting from money laundry crimes or its used means or its confiscation; and the country which its legal authority is related, it should have judicial cooperation agreement with Libya .

•  Confession of any victions or judicial order to be issued by other country from court or concerned judicial authority for confiscation of money or earnings or means related to money laundry if this description is applied on the incident according victions of this law if the state has judicial cooperation agreement with Libya .

Article (16)

Executive rules of the law, instructions and issued circulars

•  Executed rules of this law are issued by GPC decision according suggestion of national committee for money laundry control and request of governor of central bank of Libya .

•  Governor of central bank of Libya issue instructions, circulars concerning execution of victions of this law, executive rules which are circulated to concerned authorities.

Article (17)

Execution of convictions of this law

This law to be applied from date of issue and to be published in different information means.

People's congress

Issued in Sirt on 12-12-05