The Asset Recovery and Management Agency (ARMA) and the Libyan Asset Recovery and Management Office (LARMO) held a meeting to discuss cooperation in the field of foreign asset recovery.

The meeting was attended by ARMA Head Olena Duma, Deputy Head Grigol Katamadze, as well as General Director Mohamed Mansley and Head of the Office of the General Director Yousef Mansor Abedallah from LARMO. In addition, representatives of the Asset Finding and International Cooperation Departments of both institutions were present.  

During the meeting, the parties discussed the importance of interagency cooperation in strengthening the fight against corruption at the global level and discussed the specifics of the functioning of both institutions. ARMA presented the developed Procedure for the Sale of Seized Assets Abroad, which aroused considerable interest among LARMO representatives.

Libyan colleagues also shared an interesting aspect of LARMO's work. For example, in order to work effectively abroad in the process of asset tracing and realization, representatives of the Office work in several Libyan embassies abroad. This allows them to establish cooperation on the ground and perform their functions effectively.

The key subject of the conversation was the preparation for the signing of an international interagency agreement between the agencies. Head of ARMA Olena Duma emphasized: “For us, this is not just a formal document, but an opportunity to work side by side to achieve common goals. We already have similar agreements with other countries, including Malta, Romania, Moldova, Bosnia and Herzegovina and Kazakhstan. These agreements have proven to be effective, and we hold regular online meetings with these countries to share our experience and knowledge.”

She added: “The agreement we want to sign is a document that will allow us to work on new joint projects that will benefit both our agencies and our countries. We are always open to new formats of cooperation and will be happy to support any of your ideas. Together we can achieve even more.”

As a result of the meeting, the parties agreed to speed up the process of signing an interagency agreement and to hold a meeting between the delegations at the Camden Asset Recovery Interagency Network (CARIN) conference to be held in November in Paris, France.