The Central Bank of Libya (CBL) has effectively frozen the assets of three individuals, adding their names to a list originally drawn up under Law 36 of 2012. 

The agency has called on taxpayers to submit returns for the previous three financial years, as the government attempts to raise tax revenues amid falling oil income.

Libya’s Central Bank organised a workshop on how the US Foreign Account Tax Compliance Act (FATCA) could be applied to the Libyan financial sector.

The current draft of the new legislation places extra capital burdens and tighter restrictions on potential foreign investors looking to enter Libya, Tripoli-based lawyers told The Libya Report.

The draft legislation, which has been under discussion for months, includes terms restricting foreign ownership in a Libyan company to 49%.

A new piece of legislation recently approved by the national assembly aims to accelerate the processing of contracts and payments.

The Ministry of Economy has issued a letter warning international companies to ensure they have appointed a Libyan agent.

An English-language translation of Law No. 20 of 2010, which is still in force, covering the provision of health insurance by public and private employers. Translation kindly provided by Tumi Law Firm.

The agency is set to begin accepting applications for new trademarks from next month onwards.

Libya's Minister of Economy says the draft of a new Libyan companies law has been sent to the national assembly for approval.

A committee tasked with drafting new legislation governing investment in Libya's oil and gas sector has held its first meeting.

A representative from US-based law firm Latham and Watkins has held a meeting with the head of Libya's investment and privatisation authority.

An English-language translation, provided by Tumi Law Firm, of Decision 207 of 2012 concerning the participation of foreigners in joint-venture companies, and branches and representative offices of foreign companies in Libya.

The government is understood to be drafting a replacement for last year’s Decision 207, which provides the legal framework for foreign companies in Libya, with the new rules expected to ease certain restrictions.

The Libyan government has filed a lawsuit claiming that it was defrauded of $37m (LD46m), according to press reports, in the latest round of a long-running dispute.