According to this BBC report Libya will be dismantling it's WMD program in a "transparent and verifiable" fashion.
Bush, Blair: Libya to dismantle WMD programs
U.S., British leaders hail Gadhafi's promise
Friday, December 19, 2003 Posted: 6:11 PM EST (2311 GMT)
WASHINGTON (CNN) -- Libya has tried to develop weapons of mass destruction and long-range missiles in the past, but has agreed to dismantle the programs, President Bush and British Prime Minister Tony Blair said Friday in simultaneous televised speeches.
Bush said Libya's leader, Col. Moammar Gadhafi, had "agreed to immediately and unconditionally allow inspectors from international organizations to enter Libya.
"These inspectors will render an accounting of all nuclear, chemical and biological weapons programs and will help oversee their elimination," Bush said.
In a televised address from London, England, Blair said Gadhafi had approached British and U.S. officials in March to see if they could resolve the issue of its weapons programs.
"Libya has stated that weapons of mass destruction are not the answer for Libya's defense," Blair said. "Libya's actions entitle it to rejoin the international community.
"Libya has declared its intention to dismantle its weapons of mass destruction and to limit the range of Libyan missiles to no greater than 300 kilometers," Blair said, adding that the Libyan leader has agreed "that this process will be transparent and verifiable."
Libya also agreed to adhere to international agreements on chemical weapons and sign an additional protocol with the International Atomic Energy Agency, the nuclear watchdog group.
"This decision by Colonel Gadhafi is an historic one and a courageous one, and I applaud it," Blair said. "It will make the region and the world more secure."
He added, "It demonstrates, too, that countries can abandon programs voluntarily and peacefully."