The Second Libyan Forum for Financial Institutions was held in Tripoli on Saturday focusing on the commitment to the Basel requirements. The event was organised by Maharat Development Company with the sponsorship and active participation of the Union of Libyan Banks, the Jumhouriya, Mediterranean, and North Africa banks, and the Planning Institute, in cooperation with the Jordanian Bankers’ Experts Association, and in the presence of a number of local financial institutions and a group of specialists, interested parties, and banking employees. The Basel Accords are a series of three sequential banking regulation agreements (Basel I, II, and III) set by the Basel Committee on Bank Supervision (BCBS). The Committee provides recommendations on banking and financial regulations, specifically, concerning capital risk, market risk, and operational risk. CBL and Libyan banks want to work at the highest standard of financial securitySaleh said the Central Bank of Libya and Libyan banks were interested in implementing Basel requirements within the policies of combating money laundering and curbing corruption to ensure that they worked at the highest standards of financial security, which increases the professionalism of Libyan banking employees and makes Libyan banking cadres trade in the development of international legislation in combating the crime of money laundering and other resulting crimes.

Source: Libya Today October 17, 2023 02:33 UTC