Fraudulent Libyan Letters of Credit money entering international financial system via London – ReportBy Sami Zaptia. Most Libyan LCs enter the international financial system via London-based ABC International Bank PLC, a commercial bank indirectly owned by the Central Bank of Libya and chaired by its Governor, Saddek Elkaber. Yet the oversight and accountability mechanisms for central banks have not caught up with this rapid expansion in their role, the report says. “Citizens are entitled to greater accountability and transparency from central banks to ensure they know how state funds are being spent,” he added. “The Central Bank of Libya’s letter of credit disclosures to date are a positive step.

Source: Libya Today February 19, 2021 10:30 UTC