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Written question asked by Jim Shannon (Democratic Unionist Party) on Tuesday, 31 January 2017, in the House of Commons. It was due for an answer on Thursday, 2 February 2017. It was answered by Simon Kirby (Conservative) on Tuesday, 7 February 2017 on behalf of the Treasury.

Libya: Freezing of Assets

Question

To ask Mr Chancellor of the Exchequer, what estimate he has made of the total amount of Gaddafi family assets frozen in the UK.

Answer

Following action at the United Nations, Council Regulation (EU) No 204/2011 of 2 March 2011 imposed an asset freeze against listed individuals and entities in view of the situation in Libya. Council Regulation (EU) No 204/2011 has since been repealed and replaced by Council Regulation (EU) 2016/44 with effect from 20 January 2016. The EU regulation, which has direct effect in the UK, requires that all assets owned or controlled by listed persons are frozen.

The approximate aggregate value of funds frozen in the UK (under EU Regulation 204/2011) was £ 9,467,630,000 at the close of business on 30 September 2015. The figures for the 2016 round of UK frozen funds reporting are in the process of being finalised and as such are not currently available. 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. The figure is provided on an aggregate basis so as not to indirectly disclose the value of funds held by particular individuals or entities.

Secondary information

Type
Written question
Reference
62598
Session
2016-17
Subjects
Libya Freezing of assets
Link
View this Written question on www.parliament.uk