Libya has taken a transformative step in its battle against financial crimes with the adoption of the goAML (Going Anti-Money Laundering) system. The Central Bank of Libya announced the launch of this electronic platform, designed to bolster the nation’s ability to detect, prevent, and prosecute money laundering and terrorism financing, aligning with global standards.

Developed by the United Nations Office on Drugs and Crime (UNODC), the goAML system offers a secure framework for financial institutions to submit suspicious transaction reports electronically. This initiative, spearheaded by Libya’s Financial Intelligence Unit (FIU), adheres to the Financial Action Task Force (FATF) guidelines, marking a significant milestone in the country’s commitment to international financial security, as noted in UNODC reports.

The goAML platform enhances transparency and traceability in Libya’s banking sector, fostering robust financial oversight. It enables seamless coordination among law enforcement, public prosecution, and banking institutions, strengthening the nation’s capacity to combat illicit financial activities. The system’s implementation reflects Libya’s dedication to modernizing its financial infrastructure.

Several Libyan commercial banks have begun registering their reporting agents to integrate goAML into their compliance operations. This proactive engagement underscores the banking sector’s readiness to embrace advanced tools for financial crime prevention, ensuring greater accountability across transactions.

By adopting goAML, Libya is poised to enhance its global standing as a partner in combating financial crimes. The platform lays a foundation for sustained economic stability and security, supporting Libya’s vision for a transparent and resilient financial ecosystem.