CBL responds to Global Witness report on LC corruption

By Sami Zaptia.

London, 20 February 2021:

The Tripoli Central Bank of Libya (CBL) today responded to the Global Witness report covered by Libya Herald yesterday.

The report by the international NGO, said 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.

In today’s short response, the Tripoli CBL said ‘‘The Global Witness report emphasizes the importance of eliminating abuses within the LC system, a challenge the CBL has made a top priority. The report notes that this is not a problem confined to Libya and is common in other countries.

However, the report also contains numerous factual errors and draws misleading conclusions. In the spirit of cooperation, the CBL provided Global Witness with accurate and objective information which has been ignored and not reflected in the report’’.

The report had resulted in a big response on Libyan social media.

Fraudulent Libyan Letters of Credit money entering international financial system via London – Report | (libyaherald.com)