FATCA is a United States federal law established in 2010 requiring all non-US foreign financial institutions to search their records for customers with indications of a connection to the US. FATCA places an obligation on foreign institutions to report the assets and identities of US-related customers to the U.S. Department of Treasury.
The Libyan Foreign Bank has taken measures to comply with FATCA requirements and avoid
paying a 30% tax penalty on income received from US sources. The measures carried out
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