Exclusive: Al-Maqouri: Libyan Customs uncovers forgery in letters of credit and announces use of security paper for settlement and closure documents

The official spokesperson for the Libyan Customs Authority, Colonel Fahmi Hussein Al-Maqouri, stated exclusively to our source that, as part of the authority’s efforts to enhance transparency and protect the national economy from illegal practices, the Libyan Customs Authority has begun using security paper for official letters related to the settlement and closure of documentary letters of credit for local companies, which are submitted to banks granting these credits.

He added that in recent periods the Libyan Customs Authority has played a key role in monitoring letters of credit, starting from the moment they are granted until goods are imported and enter the Libyan market. This comes within its national responsibility to ensure that these credits are used for their intended purpose—namely importing goods and making them available to citizens at prices compatible with their income, especially since these credits are granted in foreign currency at the official exchange rate approved by the Central Bank of Libya.

Al-Maqouri further explained that recent monitoring and regulatory procedures carried out by the Customs Authority revealed several violations and irregularities related to letters of credit. Among them were cases of forged letters issued in the name of certain customs directorates, which were submitted to banks granting letters of credit to prove that goods had arrived according to invoices submitted by beneficiary companies, while in reality this was not always the case.

He continued that, based on its responsibility to combat forgery and manipulation and to prevent the drain of foreign currency, the Customs Authority has begun implementing several organizational and technical measures, the most important being the adoption of special security paper for issuing documents related to the settlement and closure of documentary credits.

According to Al-Maqouri, this security paper includes technical features that make forgery difficult, such as phosphorescent adhesive elements and specialized security markings that enhance the credibility of documents issued by the authority.

He also stated that the Customs Authority has decided to grant customs centers through which goods are imported the authority to issue letters confirming the settlement of letters of credit directly, instead of customs directorates. This step aims to reduce procedural layers and improve accuracy in documenting the actual arrival of goods through customs ports.

The Libyan Customs Authority emphasized that these measures are part of a new set of regulatory controls currently being implemented to strengthen oversight of letters of credit and ensure they are used properly, contributing to protecting the national economy and preserving the country’s foreign currency reserves.

Finally, the authority stressed that it will continue to closely monitor the letters of credit file with firmness and transparency, and confront any attempts of manipulation or forgery in coordination with the relevant authorities, in order to protect national interests and safeguard the rights of the state and citizens.