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(issued on 12 January 2005 )
Article 2 – Money laundering
2. Property shall be considered illegal if it was obtained from a crime, including the crimes described in the International Agreement to Combat Organized Crime and the Protocol attached thereto, the International Agreement to Combat Corruption, or other international agreements to which Libya is a party.
(Adopted on: 11 Dec 1969 )
Preamble
The Revolutionary Command Council, in the name of the Arab people in Libya, who pledged to restore their freedom, enjoy the wealth of their land, live in a society in which every loyal citizen has the right to prosperity and well-being, who are determined to break the restraints which impede their growth and their development, who will stand with their brothers from all parts of the Arab Nation in the struggle for the restoration of every inch of Arab land desecrated by imperialism and for the elimination of all obstacles which prevent Arab unity from the Gulf to the Ocean. In the name of the Libyan people who believe that peace cannot be achieved without justice, who are conscious of the importance of strengthening the ties which unite them with all the people of the world who are struggling against imperialism; who understand fully that the alliance of reaction and imperialism is responsible for their underdevelopment despite the abundance of their natural resources, and for the corruption which spread through the governmental apparatus; who are conscious of their responsibility in the establishment of a national, democratic, progressive, and unitary government.
Article 62
The President and the Vice-President may be removed from office by impeachment for treason, bribery and other felonies, violation of the Constitution or gross misconduct.
Article 71
The Chief Justice and Associates Justices of the Supreme Court and the judges of subordinate courts of record shall hold office during good behavior. They may be removed upon impeachment and conviction by the Legislature based on proved misconduct, gross breach of duty, inability to perform the functions of their office, or conviction in a court of law for treason, bribery or other infamous crimes.
Article 90
a. No person, whether elected or appointed to any public office, shall engage in any other activity which shall be against public policy, or constitute conflict of interest.
b. No person holding office shall demand and receive any other perquisites, emoluments or benefits, directly or indirectly, on account of any duty required by Government.
c. The Legislature shall, in pursuance of the above provision, prescribe a Code of Conduct for all public officials and employees, stipulating the acts which constitute conflict of interest or are against public policy, and the penalties for violation thereof.
The sovereign risk rating remains at CCC. However, despite low public debt as a proportion of GDP, falling oil export income, coupled with lower oil prices and the deepening political crisis, has raised payment risk in 2015‘16. Payment problems are likely to arise in the short term owing to the poor performance of the oil sector.
Banking sector risk suffered a downgrade from CCC to CC in March. Structural imbalances, weak institutional capacity and a high non-performing loans ratio underpin the low rating. The planned transition to an Islamic banking system is under way but is being mismanaged, which is weighing on profits. Nevertheless, the Libyan banks are highly liquid, owing to weak lending to the private sector and a low loan/deposit ratio.
Political stability will be undermined by the proliferation of militias, foreign military intervention and the lack of political will among rival Libyan factions to reach a political settlement. The conflict is expected to deepen throughout most of the forecast period, owing to the large number of players involved and the emergence of Islamic State, an extreme jihadi group, in the east.
The economic structure risk rating has been downgraded, given Libya’s exposure to volatile oil market conditions. Heavy reliance on oil revenue poses the greatest risk to real GDP growth over the forecast period. The promotion of the private sector is hampered by poor access to cheap bank credit and the concentration of the workforce in the public sector.