ILLICIT FINANCIAL FLOWS AND ASSET RECOVERY In The State of Libya

ILLICIT FINANCIAL FLOWS AND ASSET RECOVERY In The State of Libya RESEARCH PAPER 2021 Funded by the European Union Important Note: While much research for this report was done prior to the end of 2020, and while a number of political changes have taken place in early 2021, including the creation of the Government of National Unity (GNU) and the appointment of ministers, the recommendations flowing. [...] Agriculture’s to the north, Egypt to the East, Sudan to the southeast, share in Libya’s economy is negligible, accounting for 1.3% Chad to the south, Niger to the southwest, Algeria to the of GDP in 2017,31 and employing 7.7% of the workforce.32 west, and Tunisia to the northwest. [...] with shell banks or maintaining accounts with fictitious names.262 According to the CBL, although the law is viewed as robust, its implementation lags significantly given the The 2030 Agenda for Sustainable political situation in Libya as well as the lack of capacity and Development tools at the CBL and in the banks themselves.263 The need to reduce IFFs is at the forefront of the international ag. [...] The sustained growth of the economy in accordance with investigation of financial crimes remains split among the the general economic policy of the State.267 Its main CBL, the FIU and the Ministry of Interior. [...] This requires an increase in budget, personnel and skills, and also funding research that supports Adopt and implement as the norm, and not the exception, effective policy with evidence-based analysis of the scale of within the criminal justice system, the use of orders to the IFF threat, the forms it takes, and the ways it is evolving confiscate legally-acquired assets of equivalent value, in Lib.