Attempts to combat money laundering by sale of oil in Libya. The relevance of the United Kingdom approach

This thesis is an analytic study that aims to examine the intricacies of Libya's AML framework, focusing largely on the Combat Money Laundering Act (2005) and the mechanisms used in Libya to curb money laundering operations specifically the illegal selling of oil. The United Kingdom was selected as a model on which this study was based; because of the United Kingdom UK’s importance as a financial centre. This thesis presents and clarifies the concept of money laundering as a way to legitimise illegal proceeds; it also explores what steps the government of Libya is taking to control money laundering in Libya through the Combat Money Laundering Act (2005) and to find out whether these steps are successful or not. The analysis highlights the differences in money laundering regulations in the UK and Libya, and point out the more efficient and effective results in various regions, providing unique details that can serve as a basis for ongoing research and development. Some of the important literature relating to anti- money laundering efforts, both nationally and internationally will be reviewed to reveal key theories and concepts. Research questions and research aims and objectives will be addressed and an overview of the research methods used in studies of UK anti-money laundering will be examined. In modern times, money laundering has been using increasingly sophisticated means and technology, and is a global problem. Anti-laundering efforts have been initiated as an attempt to combat this crime, but have been largely unsuccessful, even acting as a deterrent to some legitimate transactions in some cases. So, this study will attempt to analyse and explain central aspects of the UK regulations related to money laundering, and the provisions contained in Libyan domestic statutes to find out if these is any gap need to be filled.