On 19 February, the Libya Herald commented on a Global Witness report saying that fraudulent Libyan Letters of Credit allow money to enter international financial system via London. The NGO says Libya appears to be losing millions of dollars a year through fraudulent use of its Letters of Credit (LC) system, run by the Tripoli Central Bank of Libya. The report says these deals are passing through correspondent banks in the City of London, with weaknesses in AML rules leaving the UK’s banking system wide open to financial crime. It says that Letters of Credit channel Libya’s oil dollars to fund the imports on which the country relies. They provide the only official pipeline of foreign currency for Libyan businesses and public authorities to buy food, medicine, equipment and services from overseas.
The Global Witness report is at –
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