The Authority of Monetary Power and the Boundaries of Legality: A Study of the Criminal Effects of the Decisions Issued by the Central Bank of Libya

Abstract

This study examines the legal nature and criminal implications of the decisions issued by the Central Bank of Libya as the supreme monetary and supervisory authority in the state. It addresses the extent to which these decisions, regulatory circulars, and administrative rules comply with the applicable Libyan legislation, particularly Banking Law No. (1) of 2005 and the Anti-Money Laundering Law No. (2) of 2005. The study highlights potential legal gaps that may lead to the misuse of authority or the emergence of criminal liability resulting from the exploitation of banking activities, such as foreign currency sales mechanisms and auctions, as channels for facilitating financial crimes, including embezzlement, forgery, and money laundering. 

The study seeks to establish an integrated regulatory and punitive framework that ensures the effectiveness of banking supervision, strengthens the independence of regulatory authorities, and safeguards financial integrity and economic security in Libya.