Libya has adopted the goAML (Going Anti-Money Laundering) system as a significant step towards strengthening its efforts to combat money laundering and the financing of terrorism, aligning itself with international regulatory standards.
The Central Bank of Libya announced the official launch of the new electronic platform, designed to enhance the country’s capabilities in detecting, preventing, and prosecuting financial crimes related to money laundering and terrorist financing.
The implementation of the goAML system demonstrates a clear commitment from Libyan authorities to reform the banking sector by improving the transparency and traceability of financial transactions within the country.
Developed by the United Nations Office on Drugs and Crime (UNODC), the goAML system provides a secure platform for financial institutions to electronically submit their suspicious transaction reports (STRs).
This system, launched by Libya’s Financial Intelligence Unit (FIU), is in direct accordance with the standards set forth by the Financial Action Task Force (FATF) and represents a crucial advancement in Libya’s adherence to international financial security norms.
The goAML platform is expected to foster improved coordination and information sharing among law enforcement agencies, the public prosecution service, and banking institutions. Several commercial banks within Libya have already commenced the process of registering their reporting agents in preparation for fully integrating the system into their routine compliance and control operations.
SL/ac/Sf/fss/abj/APA