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.