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Libya Losing $1.2 Billion Due to Financial Flows

September 21, 2022
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Libya’s annual losses due to illicit financial flows amount to $ 1.2 billion dollars, according to a study prepared by the Eurasia Review Center for Studies and Research on Tuesday.

It noted that 10% of money transfers in Libya are carried beyond the control of the Central Bank (CBL) through illegal means. This includes money laundering operations, and the issuance of false invoices for foreign trade transactions. This makes it difficult for the government to monitor money transfers by migrant workers.

The United Nations Regional Institute for Crime and Justice Research, in partnership with the European Union, revealed the migrant smuggling mafia generates annual revenues estimated at $450-$765 million dollars. An estimated $89-$236 million dollars are in Libya alone.

About $30 million are lost due to arms smuggling, as militias engage in the smuggling of small arms and light weapons. This comes in light of the lack of effective control over the vast desert lands in Libya, which contributed to creating a haven for arms smuggling.

Oil smuggling accounts for 20% of militia’s income, and quantities estimated at between $750 million and $1 billion of Libyan oil are smuggled into Malta every year. In 2017, Italian police discovered a network that was smuggling fuel, and at least €30 million Euros worth of smuggled diesel was sold at European gas stations.

Remittances from IS in Libya: The most serious issue of remittances, which is represented by sources of terrorist financing, is that the organization receives $10 million dollars in revenue per month.

Peace in Libya will lead to significant economic gains, amounting to $162 billion dollars, according to a study by the United Nations Economic and Social Commission for Western Asia (ESCWA).

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Tags: Central BankEurasia Review CentrelibyaMoney Laundering
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