By Libya Herald reporter.
Malta, 21 September 2015:
The Tripoli-based Ministry of Economy has stipulated that all Libyan importers must use the Harmonized Commodity Description and Coding System (HS), the Tripoli Chamber of Commerce reports.
The internationally standardized tariff system used to classify traded products must be used in all Pro Forms Invoices as part of import licences or Letters of Credit as of the start of October.
The move is seen as a further attempt by the Libyan authorities to fight FX fraud and money laundering as they attempt to stem the exhaustion of the country’s foreign currency reserves. [/restrict]