Archive | Banking & Finance

US, UN Sanction Militia Leader Ibrahim Jadhran

The United States, in coordination with the UN Security Council’s Libya Sanctions Committee, imposed financial sanctions on Libyan militia leader Ibrahim Jadhran. In accordance with today’s UN listing, which was proposed by Libya’s Permanent Mission to the UN, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated Jadhran pursuant to […]

Legg Mason to pay $34m to Settle Libya Bribery Case

US-based investment management firm Legg Mason is to pay more than $34 million to the Securities and Exchange Commission (SEC) to settle an investigation into the role one of its former subsidiaries played in bribing officials in Libya. Bankers for the firm paid $26.5 million in bribes between 2004 and 2010 so that Libya would […]

Libyan GDP Grew 55% in 2017

According to the WFP‘s latest Safety Nets Alert Platform (SNAP), the Gross Domestic Product (GDP) in Libya grew up by 55 percent in 2017 from the previous year. The improved performance has been driven by a revival in oil output and a pick-up in global oil prices. Crude Oil Production in Libya decreased slightly to […]

UKEF Financed 2 Libyan Projects last year

By John Lee. UK Export Finance (UKEF) has published its annual report and accounts for 2017 to 2018, in which it lists two export projects supported in Libya: Leisurewear International Limited received export working capital of £454,722 to supply children’s clothing to the Al Jedoor Company; Fortress Diagnostics Ltd received export working capital of £303,942 to […]

US, UN Sanction Human Traffickers in Libya

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), concurrently with the United Nations, has sanctioned six individuals for threatening the peace, security, or stability of Libya through their involvement in the smuggling of migrants. Migrant smuggling has become a lucrative business in Libya and fuels instability by providing funding for rogue […]

SocGen to Pay $1.3bn to End Libya and Libor Probes

Societe Generale (SocGen) has reached agreements with the U.S. Department of Justice (“DOJ”) and the U.S. Commodity Futures Trading Commission (“CFTC”) to resolve their investigations relating to Societe Generale’s IBOR submissions, and with the DOJ and the French Parquet National Financier (“PNF”) to resolve their investigations relating to certain transactions involving Libyan counterparties. The PNF […]

Central Bank Governor meets Tunisian Counterpart

By John Lee. The Governor of the Central Bank of Libya (CBL), Saddek Omar Elkaber, met with Marwan Alabasi, Governor of the Central Bank of Tunisia last week in Tunis to discuss ways of improving cooperation and between the two institutions, specifically in the fields of anti-money-laundering (AML) and terrorism financing. This was the first […]