Oversight

The LIA is a Libyan institution that has the vast majority of its assets outside Libya and is regulated and governed by international financial processes that are standard across all such financial institutions.  Governance is determined by regulation outside Libya and the Steering Committee, of which Dr Ali Mahmoud Hassan Mohamed is President, is recognised by the UN, the international community including the governments of the UK, US, Italy, France, Germany all of whom cited in a joint communique of 17 August 2016, that in accordance with UNSC Resolution 2259 the Government of National Accord (GNA) had sole responsibility to exercise effective oversight over Libya’s national institutions, including the LIA.  This was in response to the decree of the Presidential Council and its Chairman, Mr Fayez Serraj, the only national leader from the only leadership body recognised under the Libyan Political Accord (LPA), of the need to create an interim steering committee to manage the LIA with a nominated President on 15 August 2016.  This decree, number 115 of the Presidential Council, appointed Dr Ali Mahmoud Hassan Mohamed as President of the Interim Steering Committee.