New study sheds light on illicit financial flows in Libya

28-05-2021
New study sheds light on illicit financial flows in Libya
Illicit Financial Flows and Asset Recovery in Libya

The European Union and the United Nations Interregional Crime and Justice Research Institute (UNICRI) present a new study on Illicit Financial Flows (IFFs) and Asset Recovery in Libya.

This study sheds light on the significant damage being caused to Libya as a result of unchecked IFFs and on the importance of prioritizing the capture of illicitly-obtained assets linked to such IFFs.

 “The study on Illicit Financial Flows and Asset Recovery in Libya demonstrates that corruption and criminal activity have a direct impact on the everyday lives of ordinary Libyans. With this study, the European Union aims at outlining a possible roadmap to assist the Government of National Unity and other officials to address this problem and channel recovered funds towards swift improvements in public service delivery,” said Ambassador of the European Union to Libya José Sabadell.

UNICRI’s Director, Antonia Marie De Meo, emphasized that: “This study reveals just how important it is for Libya to improve its mechanisms for the effective and efficient seizure and confiscation of assets linked to acts of corruption, as well as organized criminal activity. We are hopeful that the GNU, House of Representatives and future elected officials will fully adopt and implement the recommendations set out in the study for the benefit of the Libyan people.”