Unfreezing money: some action

 The UN sanctions committee has lifted sanctions from the Central Bank of Libya and the Libyan Foreign Bank. In a statement on 16 December William Hague welcomed the decision and said that Libya would now have access to the funds needed to rebuild the country, underpin stability, and go about the business of everyday life. “We are now working to ensure that the EU will respond swiftly to this UN decision and will pass the regulation required to release about £6.5 billion frozen in the UK.” He called on the Transitional Government to redouble its efforts to build a transparent and accountable financial system.

 The US Office of Financial Assets Control has unblocked the assets of the Central Bank and Libyan Foreign Bank (for some reason using its former title Libyan Arab Foreign Bank) with the exception of assets owned or controlled by the Libyan Investment Authority (details at http://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20111216.aspx ). This is said to have released more than $30 billion. Assets of some Qadhafi family members and former regime members remain frozen, and much is unclear, for example the fate of the Gadaffi foundation, formerly controlled by Saif al-Islam.

6 Responses to Unfreezing money: some action

  1. The Libyan government should establish a committee to trace and retrieve assets owned by the Gaddafi family. The latest assets are those properties brought in Mexico and money deposited in Mexican banks. In addition, let us not forget to chase those who tried to help the remaining members of the Gaddafi family to flee the Libyan justice and pursue a new life. The crimes of the Gaddafi family are astonishing.

  2. MEC International December 18, 2011 at 10:15 am #

    The BBC have an interesting story at http://www.bbc.co.uk/news/world-middle-east-15966092 about a house in London alleged to belong to Sa’adi Qadhafi which the Libyan Embassy are claiming for the Libyan government. There is a similar story in Toronto at http://www.nationalpost.com/news/Ottawa+asks+RCMP+investigate+Gaddafi+Toronto+condo/5868911/story.html.

  3. Gavin Jones December 20, 2011 at 6:58 pm #

    Not just the cash assets and property need to be unfrozen, some ofthe very substantial amounts of money paid to various organiations that propped up the regime and gave it credibiity should be identified and extracted. There should be a very full day of reckoning if only to lessen the chances of similar people being propped up.

  4. Phillip Eastland February 16, 2012 at 8:10 am #

    So you agree that donors are running the show?

  5. Oliver Miles February 20, 2012 at 4:38 pm #

    A strange question. There are no donors. This is Libyan money, and the issues are who should control it and how it should be controlled.

  6. Ez-Dean M. Aboughalya February 3, 2016 at 1:56 am #

    Though the new Libyan unity Gov. Needs the support of the International community, but to lift the sanctions before the official takeover and establishment of a strong Libyan fund control committee … Is serious mistake if it is not a crime against the Libyan people, as the same war traders and criminals would defiantly have their way to mingle and Divert these resources for their own benefits rather than the Libyan people and libya’s rescue plans and developments….

Leave a Reply