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Home Business

Central Bank to probe financial sector corruption

byNigel Ash
June 21, 2012
Reading Time: 1 min read
A A

Tripoli, 21 June:

The Central Bank of Libya has set up its own transparency and integrity commission to investigate corruption and wrongdoing . . .[restrict]in the country’s banking sector during the Qaddafi era. Under the bank’s resolution 154, staff at Libya’s banks will be able to present it with reports about what colleagues did in the past. The banks’ customers will also be able to submit complaints about bank employees.

The bank announced that after reviewing the interim constitutional proclamation issued by the NTC last August 2011, as well as Law No. 1 of 2005 on the banks and the NTC’s Law No. 192 of 2011 on standards of integrity and transparency within the national leadership positions, the governor of the Central Bank, Saddek Elkaber, had appointed a seven-member commission to evaluate and act on complaints. The commission is headed by Nizar Ahmed Kawan, a member of the NTC from Tripoli. The memebrs are Mustafa Abdil-Wahab Saqizli, Khaled Ali Abedeya, Ali Saddiq Abdil-Qadir – Member, Ms. Suaad Muhammed Hadad, Mahmoud Ismael Ramli and Salim Ramah Muaweya.

The commission will be able to insist on the sacking of anyone it deems not worthy of his or her job.

[/restrict]

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Banking Forum in Tunis Concludes with Strong Calls for Monetary Discipline, Exchange Rate Policy Reform, and Structural Financial Overhaul

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