IMF praises Libya’s stance on anti-corruption and the rule of law.

The remarks were made in the Staff Concluding Statement of the IMF following its Article IV Mission to Libya at the beginning of July. This involved a staff team visit to Libya to collect economic and financial information, and discussion with officials on the country’s economic developments and policies.

Libya has made significant strides in its efforts to combat economic crime. Earlier in the year, a new Agency for Combating Financial Crimes, Money Laundering and Terrorism was established, under Decision No. 195 of 2024.

The newly formed agency, which reports directly to the Council of Ministers, is charged with combating economic crimes, gathering information on money laundering and terrorism financing crimes.

The Agency operates with an independent budget, and is subject to audit by the Audit Bureau, and will be taking a proactive stance in fighting financial crime by developing a database on such crimes.

Libya already has a number of laws in place to tackle corruption. These include the Law on Economic Crimes, the Anti-Money Laundering Law and the Law on Abuse of Public Authority. Both Administrative Control Authority and the Audit Bureau work on implementing these and other laws to fight corruption.

These laws provide the broad statutory framework that defines acts such as bribery and aggravated bribery, as well as determination of liability and the punishment applicable to such acts.

Eltumi Partners can advise domestic and international companies on ensuring compliance with all aspects of domestic laws.

“We are very encouraged by the IMF Executive Board’s recognition of Libya’s progress in tackling corruption and money laundering,” noted Tarek Eltumi of Eltumi Partners. “As a firm, one of our core principles is to never, directly or through intermediaries, offer or promise anything of value in order to improperly obtain or retain a business or other advantage from a third party (whether public or private). We are apolitical and have no stakes in, or positions on, political affairs or disputes.”

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