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Written question asked by Lord Empey (Ulster Unionist Party) on Tuesday, 11 January 2022, in the House of Lords. It was due for an answer on Tuesday, 25 January 2022. It was answered by Viscount Younger of Leckie (Conservative) on Tuesday, 25 January 2022 on behalf of the Treasury.

Freezing of Assets: Libya

Question

To ask Her Majesty's Government whether any (1) capital,(2) interest, or (3) dividend revenues arising from frozen Libyan assets held in the UK have been distributed since the invocation of United Nations Security Council Resolution 1970 in 2011.

Answer

Each year OFSI carries out an annual review of frozen assets held by UK institutions. £11.53 billion of Libyan frozen funds were reported to be held by UK businesses in OFSI’s 2020-21 Annual Review. This includes interest and other earnings accrued to frozen assets.

As set out in UN Security Council Resolution 2009 (2011), a key aim of the Libya financial sanctions regime is “to ensure that assets frozen pursuant to resolutions 1970 (2011) and 1973 (2011) shall as soon as possible be made available to and for the benefit of the people of Libya”.

Until that time, HM Treasury may only license the release of frozen funds according to the derogations set out in the Libya sanctions regime regulations. The Annual Review includes information about licences granted by OFSI under financial sanctions regimes.

Under the terms of the Libya financial sanctions regime, frozen assets continue to belong to the sanctioned entity or individual. However, the use of any frozen assets, or profits arising from those assets, is tightly constrained by the Libya financial sanctions regime.

Secondary information

Type
Written question
Reference
HL5307
Session
2021-22
Subjects
Libya Freezing of assets
Link
View this Written question on www.parliament.uk