Libya Central Bank probes Audit Bureau corruption accusations

May 23, 2018

The Governor of the Central Bank of Libya (CBL) Al-Siddiq Al-Kabeer ordered financial committee tasked to track money laundering to investigate the allegations of Audit Bureau that accuse certain firms of smuggling foreign currency.

Al-Kabeer urged in a statement on Sunday the Audit Bureau to send the evidence it has to the financial committee so it can take the needed legal measures of the allegations were proven right.

“The CBL has qualms about the publishing of the names of firms by the Audit Bureau before due investigations as it could hinder the ongoing probe and lead to loss and hiding of evidence.” The statement reads.

“Agreeing on giving letters of credit is a task for the committee of importation budget of the Ministry of Economy, which is under the monitoring of an Audit Bureau commission. We find it strange that the Audit Bureau agreed to give the letters of credit in the first place and then accused the firms of corruption.” The statement adds.

Libya’s Audit Bureau announced the names of figures and local and international firms involved in smuggling foreign currency, accusing them of greatly damaging Libya’s economy.

The Audit Bureau sent a letter to the Central Bank of Libya (CBL), the Head of the Commission of Imports Budget, and the banks’ managers urging them to stop dealing with the bank accounts of the involved figures and firms, which are 44 local companies and 24 foreign companies.