مساهمة وحدتي الامتثال والمعلومات المالية كإحدى آليات الحوكمة في مكافحة ظاهرة غسل الأموال وتمويل الارهاب: دراسة حالة مصرف الوحدة

Abstract

This study aims to identify the contribution of the Compliance Unit and the Financial Intelligence Unit as one of the governance mechanisms employed by Wahda Bank in mitigating the phenomenon of money laundering. It also seeks to understand the procedures and rules currently in place, including governance mechanisms and others, to curb this phenomenon within Wahda Bank. To achieve the objective of the study, Wahda Bank in Benghazi was selected as a case study. An exploratory case study approach was adopted as a research strategy to gain an in-depth understanding of the issue. Data was collected from various sources, such as unstructured personal interviews, which were the primary source of data. A total of 12 interviews were conducted with 12 employees during the data collection phases, which lasted approximately 12 hours, involving key stakeholders in the Compliance Unit of Wahda Bank, as well as some employees from the bank’s branches within the city. Additionally, observer notes were utilized as a participant considering that the researchers’ identities were known, as they did not perform any tasks within the bank under study. Furthermore, relevant documents and records, such as incoming and outgoing correspondences, decisions, and others, were also used. In light of the strict and rigorous policies and laws for enforcing the Anti-Money Laundering and Counter-Terrorism Financing Law (1013), based on a circular from the Governor of the Central Bank of Libya issued in 2018 within the Compliance Unit of Wahda Bank and the Financial Intelligence Unit, money launderers, including drug traffickers and others, have preferred not to deal with the bank. This has led to a reduction in the incidence of money laundering compared to the past, although it has not been entirely eradicated.