The importance of corporate governance and its role in improving performance levels,
developing the banking sector, and enhancing the customer's trust in the institution drives
the actions of the LFB, highlighting its strong commitment to governance principles.
LFB is committed to implementing the principles of the corporate governance guide issued
by the Central Bank of Libya. A disciplined attitude towards compliance confirms the bank's
devotion to meeting the standards directed towards protecting shareholders, investors, and
LFB management has fully grasped the importance of these controlling rules and their
implementation, along with other standards such as transparency, the provision of data and
information, implementation of the international accounting standards, and capital
adequacy stated in Basil II.
Accordingly, the Libyan Foreign Bank has issued a corporate governance guide, approved
and adopted under the Board of Directors decision No. 3-4-833/2013 dated 27- 8-2013. The
terms and standards included in this guide comply with the Central Bank of Libya, approved
under decision No. 20 dated 2010.
The Board of Directors has formed a governance committee and entrusted it with the tasks
of amending and developing the standards of the guide accordingly.
FATCA Is a United States federal law enacted in 2010 and went into force on 1st July, 2014. The Act combats tax evasion of US expatriates who own financial
In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance
The primary objective of compliance is to reduce the risk of non-compliance through implementing requirements, regulations, and instructions
LFB is committed to implement the directions of the corporate governance guide issued by the Central Bank of Libya