The central bank in Libya implemented electronic system to combat financial crime

The Libya Central Bank has announced the use of a new electronic system that is intended to strengthen the country's struggle against financial crimes.

The Financial Information Unit (FIU) started the Goaml platform, with which financial institutions can electronically secure suspicious transaction reports.

According to the central bank, this implementation agrees with the international standards defined by the Financial Action Task Force (FATF) and represents a significant step in the ongoing efforts of Libya to combat money laundering and terrorist financing.

It is expected that the new system, which is developed and kept by the United Nations (UNODC) office, is expected to improve reporting, improve coordination between law enforcement authorities and the public prosecutor and determine more effective information exchange mechanisms.

Cutery has already started to register reporting officers and access the system because they are preparing for complete integration into their daily surveillance companies.

The GOAML system was specially developed to support the units for financial information worldwide in their efforts against money laundering and terrorists against money, which supports Libya's commitment to improve his financial security framework in accordance with the global best practice.