Tripoli, The United Nations Interregional Crime and Justice Research Institute (UNICRI) has presented an EU-funded study on the impact of illicit financial flows on Libya’s economic and social development.
‘Illicit Financial Flows ‘IFFs’ impact a country’s economic and social development in a myriad of ways, the study said, adding that undocumented flights of wealth to and from – as well as within – a country have severe repercussions on government revenues, wealth that could otherwise be invested in public spending and other forms of economic and social reforms.
IFFs in Libya can mean fewer hospitals, schools, police, roads and job opportunities, and less investment in urgently needed infrastructure rehabilitation. IFFs may also undermine economic and political stability in Libya, the study said.
‘It is for these reasons that Libya must place significantly higher priority on seizing and confiscating illicitly-obtained assets and channel such recovered assets to high-priority development needs that benefit the Libyan people, it added.
‘In light of the above, the European Union and the UNICRI present a new study on Illicit Financial Flows 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.’
“Despite Libya’s known wealth in natural resources, access to education, health care, electricity and other essential services remains a problem for a large part of the population. 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.’
The study quoted UNICRI’s Director, Antonia Marie De Meo, as emphasizing 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.”
Source: Libyan News Agency