The Head of Libya’s Administrative Control Authority (ACA), Abdullah Qadarboh affirmed the need to address local and international challenges arising from frozen, smuggled, and embezzled Libyan funds.
This came during his speech at the 10th session of the Conference of States Parties to the United Nations Convention against Corruption, held in Atlanta, Georgia.
He highlighted the authority’s current efforts to release these funds, ensuring their utilization for economic and sustainable development.
Qadarboh emphasised that the authority “is still in the process of gaining expertise in combating corruption and crime, seeking assistance from advanced supervisory bodies worldwide.”
The Conference is held every two years – and is the largest anti-corruption conference in the world. This year’s session coincides with the 20th anniversary of the United Nations Convention against Corruption, and aims to evaluate global efforts to combat corruption.
It brings together more than 2,000 participants from governments, regional and international organizations, as well as anti-corruption experts, representatives of the private sector, civil society and youth.
Last month, the Media Office Director of Libya’s Asset Recovery Office (LARMO), Suzan Hami reported eroding frozen assets abroad. She highlighted losses in Europe and Africa, stressing the need for national bodies, especially the Libyan Investment Authority (LIA), to cooperate to protect these assets.
Hami urged action to lift freezes, in order to preserve and leverage Libya’s overseas funds. She also mentioned the office’s participation in an international lawyers’ conference, spotlighting the issue.
The frozen assets, primarily held by the LIA, have experienced a significant decrease in value, dropping by over $1 billion dollars last year, as reported by Libya’s Audit Bureau.
The LIA, which holds around $68 billion dollars in assets, has struggled with the impacts of these assets being largely inaccessible due to sanctions. It is in the process of publishing financial statements to provide a clearer picture of the situation.
These assets, located in Western banks could potentially be repatriated to Libya within the next two to three years, according to the Libyan State Minister for Economic Affairs, Salama Al-Ghwail.
However, there is concern that certain countries have taken advantage of Libya’s vulnerable position, to appropriate these funds. This has been acknowledged by Libya’s Ambassador to the United Nations, highlighting the need for careful international cooperation, and perhaps amendments to UN resolutions that initially froze the funds.