Libya’s central bank implements electronic system to combat financial crime

Libya’s Central Bank has announced the deployment of a new electronic system designed to strengthen the country’s fight against financial crimes.

The Financial Information Unit (FIU) has launched the goAML platform, which allows financial institutions to securely submit suspicious transaction reports electronically.

According to the Central Bank, this implementation aligns with international standards established by the Financial Action Task Force (FATF) and represents a significant step in Libya’s ongoing efforts to combat money laundering and terrorist financing.

The new system, developed and maintained by the United Nations Office on Drugs and Crime (UNODC), is expected to improve reporting efficiency, enhance coordination between law enforcement agencies and the Public Prosecution, and establish more effective information exchange mechanisms.

Commercial banks have already begun registering reporting officers and accessing the system as they prepare for full integration into their daily monitoring operations.

The goAML system is specifically designed to assist Financial Intelligence Units worldwide in their anti-money laundering and counter-terrorist financing efforts, supporting Libya’s commitment to enhancing its financial security framework in accordance with global best practices.​​​​​​​​​​​​​​​​