Latest news with #LawNo.1of2005
Libyan Express
30-06-2025
- Business
- Libyan Express
CBL pushes interior ministry to curb unauthorised forex dealings
BY Libyan Express Jun 30, 2025 - 05:49 Central bank sounds alarm over illegal currency exchanges in Libya Libya's central bank has urged the Ministry of Interior to intensify efforts to combat unregulated foreign currency trading, warning that the growing black market is fuelling illicit financial activity and threatening economic stability. In an official letter, the Central Bank of Libya (CBL) said the parallel market for hard currency has expanded significantly, with increasing volumes of foreign exchange being traded outside authorised channels. The bank described this trend as a serious challenge to both the national economy and internal security. The CBL cited Law No. 1 of 2005 on banking, which gives the bank exclusive authority to license and supervise all currency exchange activity in the country. It noted that recent decisions, including Board Resolution No. 8 of 2024, have established new regulatory frameworks for exchange companies, under which a number of firms have been formally licensed to operate. Only entities granted official authorisation are permitted to engage in currency exchange, the bank said. It warned that any activity outside these legal frameworks contributes to the spread of money laundering and the financing of terrorism. The CBL called on the interior ministry to take 'all necessary legal measures' against individuals and organisations involved in unauthorised currency dealing, including the enforcement of penalties outlined in current legislation. The letter included a list of licensed exchange companies and offices currently authorised to operate within Libya. The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express. How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@ Please include 'Op-Ed' in the subject line.
Hi Dubai
26-02-2025
- Business
- Hi Dubai
DIFC Proposes Amendments to Data Protection and Other Legislation
The Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa, and South Asia (MEASA) region, has proposed key amendments to its legislation through the DIFC Laws Amendment Law, Law No. 1 of 2005. These amendments aim to align DIFC laws with international best practices and provide enhanced protections for data subjects. A significant change involves the Data Protection Law, which seeks to introduce several updates. The amendments will clarify the scope of the law, ensuring that DIFC Data Subjects receive full protection, regardless of where their data is processed. Additionally, updates to Article 28 will allow the Commissioner to reassess the adequacy of third countries' data protection measures. This also ensures that personal data handled by government authorities is properly safeguarded, with accessible remedies for affected individuals. Another major development is the introduction of a Private Right of Action through DIFC Courts. This will empower data subjects to seek legal remedies if their personal data is processed in violation of the Data Protection Law. Further proposed amendments will provide clarifications on the Law of Security, Insolvency Law, and Employment, refining existing provisions to enhance legal clarity and consistency. The proposed changes are open for public consultation, with the consultation period running until March 26, 2025. Interested parties can review the full details of the proposed amendments in Consultation Paper No. 1 of 2025. These updates reflect DIFC's commitment to maintaining a robust legal framework that aligns with global standards and promotes transparency and fairness in data protection. News Source: Dubai Media Office
