Freezing of Assets: Libya

HM Treasury written question – answered on 26th February 2018.

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Photo of Jim Fitzpatrick Jim Fitzpatrick Labour, Poplar and Limehouse

To ask Mr Chancellor of the Exchequer, with reference to decision of the UN to freeze Libyan Assets, agreed by EU Directive and adopted by the UK, whether he has made an estimate of the value of assets frozen (a) at the time the assets were frozen and (b) the current value of those assets.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

In 2011, the approximate aggregate value at the time the funds were frozen in the UK was £7.5 billion.

The current value of frozen assets held are in the process of being finalised as part of the “2017 Annual Frozen Fund Review”. However, at the close of business on 30 September 2016 they were approximately £11.7 billion. The figure is provided on an aggregate basis so as not to indirectly disclose the value of funds held by particular individuals or entities.

The frozen funds continue to belong to the individuals and entities listed under the Regulation and are not seized or otherwise held by HM Government.

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