1-20 of 98 results for subject:Libya
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To ask the Chancellor of the Exchequer, what estimate the Office for Financial Sanctions Implementation has made of any changes to the valuation of Libyan frozen assets in the past eighteen months.
To ask the Chancellor of the Exchequer, what estimate the Office for Financial Sanctions Implementation has made of any changes to the valuation of Libyan frozen assets in the past eighteen months.
The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, published in its 2024-2025 Annual Review that over £12.9 billion of assets relating to the Libya sanctions regime have been reported as frozen as of September 2024. This is an aggregated total of all entities and individuals listed on the Consolidated List of Financial Sanctions Targets.
OFSI’s next Annual Review is due to be published later in 2026.
To ask the Chancellor of the Exchequer, if her Department will publish information on the taxable status of, and taxes collected from, Libya’s frozen assets.
To ask the Chancellor of the Exchequer, if her Department will publish information on the taxable status of, and taxes collected from, Libya’s frozen assets.
We do not have this specific information. The UK’s tax system is not able to target specific tax rates at specific pots of money. The UK tends to apply tax to classes of transactions, rather than assets in situ.
Under all UK sanctions regimes, including the Libya Regulations, taxes and other payments may be made under licences and exceptions from frozen funds, subject to strict conditions. However, specific licence or exception related information is not available for publication to ensure and maintain confidentiality and to comply with UK data protection law.
To ask the Chancellor of the Exchequer, if she will make it her policy to (a) publish and (b) notify the House of Commons when licences are issued for accessing frozen Libyan assets.
To ask the Chancellor of the Exchequer, if she will make it her policy to (a) publish and (b) notify the House of Commons when licences are issued for accessing frozen Libyan assets.
Specific licensing purposes are provided for under the Libya (Sanctions) (EU Exit) Regulations 2020. Where these purposes apply and where the conditions in those grounds have been met, HM Treasury may authorise activity involving frozen assets.
OFSI releases the OFSI Annual Review each year which provides information about the number of licences issued under each regime. The figures are presented only in anonymised, aggregate form and do not provide information on individual accounts, entities or licences for confidentiality purposes.
OFSI does not publish information about individual licence applications or decisions. Details are kept confidential, save where disclosure is required by law or ordered by a court. This is to ensure and maintain confidentiality and to comply with UK data protection law. It would not be appropriate to publicise information about specific licences.
To ask the Chancellor of the Exchequer, what assessment she has made of the change in the estimated worth of the frozen assets of the previous Libyan regime between 2011 and 2025.
To ask the Chancellor of the Exchequer, what assessment she has made of the change in the estimated worth of the frozen assets of the previous Libyan regime between 2011 and 2025.
The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury published in its 2023-2024 Annual Review that £13.4 billion in assets relating to the Libya sanctions regime have been reported as frozen as of September 2023. This is an aggregated total of all entities and individuals listed on the Consolidated List of Financial Sanctions Targets. OFSI does not hold a comparable figure for 2011.
OFSI’s next Annual Review is due to be published later in 2025.
To ask the Chancellor of the Exchequer, how she plans to allocate the accruing interest on the assets of the previous Libyan regime.
To ask the Chancellor of the Exchequer, how she plans to allocate the accruing interest on the assets of the previous Libyan regime.
Interest accrued on frozen assets is still subject to an asset freeze to be frozen immediately by the person in possession or control of them, but there is no change in ownership of the frozen funds or economic resources, and they are not transferred to HM Treasury.
The Office for Financial Sanctions Implementation (OFSI), part of HM Treasury published in its 2023-2024 Annual Review that £13.4 billion in assets relating to the Libya sanctions regime have been reported as frozen as of September 2023.
As there is no obligation for a relevant institution to inform OFSI when it has credited interest to a frozen account, OFSI does not hold this information.
To ask the Chancellor of the Exchequer, what the value inclusive of accrued interest is of assets frozen by the UK that belonged to the Libyan Qaddafi regime.
To ask the Chancellor of the Exchequer, what the value inclusive of accrued interest is of assets frozen by the UK that belonged to the Libyan Qaddafi regime.
The Office for Financial Sanctions Implementation (OFSI), part of HM Treasury published in its 2023-2024 Annual Review that £13.4 billion in assets relating to the Libya sanctions regime have been reported as frozen as of September 2023. This is an aggregated total of all entities and individuals listed on the Consolidated List of Financial Sanctions Targets.
Interest accrued on frozen assets is still subject to an asset freeze to be frozen immediately by the person in possession or control of them, but there is no change in ownership of the frozen funds or economic resources, and they are not transferred to HM Treasury. As there is no obligation for a relevant institution to inform OFSI when it has credited interest to a frozen account, OFSI does not hold this information.
To ask the Chancellor of the Exchequer, whether he has made a recent assessment of the potential merits of using frozen Libyan assets to compensate the victims of Libyan-sponsored IRA terrorism.
To ask the Chancellor of the Exchequer, whether he has made a recent assessment of the potential merits of using frozen Libyan assets to compensate the victims of Libyan-sponsored IRA terrorism.
The UK Government reiterates its sympathy for UK victims of Qaddafi-sponsored terrorism, and indeed all victims of the Troubles. It is important that the UK Government pursues fairness and consistency in the provision of support to victims of terrorism and access to publicly funded compensation schemes and the UK’s position with regards to victims of Libyan-sponsored IRA terrorism was outlined in a Ministerial Statement on 23 March 2021. With regards to using frozen Libyan assets, the Government cannot lawfully use such assets to provide compensation to victims. Doing so would break international law and our obligations as members of the UN.
To ask the Chancellor of the Exchequer, what recent assessment he has made of the value of Libyan-owned assets frozen in the UK in each of the last five years for which figures are available; and if he will make a statement.
To ask the Chancellor of the Exchequer, what recent assessment he has made of the value of Libyan-owned assets frozen in the UK in each of the last five years for which figures are available; and if he will make a statement.
Since its establishment in 2016, HM Treasury’s Office of Financial Sanctions Implementation (OFSI) has undertaken an annual frozen asset review, requiring all persons or institutions that hold or control frozen assets in the UK to report to OFSI, from which the following figures are taken.
The figures are each an approximate total value of frozen Libyan assets in the UK:
September 2017 £12.061 billion
September 2018 £11.222 billion
September 2019 £11.809 billion
September 2020 £11.528 billion
The figures for the 2021 Frozen Asset Review are still being finalised and will be published in OFSI’s Annual Review later this year.
The value of frozen funds in the UK can fluctuate for numerous reasons. These include changes to sanctions designations, changes in share or market values, or certain financial activity being licensed.
To ask Her Majesty's Government, further to the article ‘Libya’s Central Bank says no assets have been frozen in Britain’, published in the Libya Observer on 22 May, what assessment they have made of the accuracy of the statement made by the management of the Central Bank of Libya that...
To ask Her Majesty's Government, further to the article ‘Libya’s Central Bank says no assets have been frozen in Britain’, published in the Libya Observer on 22 May, what assessment they have made of the accuracy of the statement made by the management of the Central Bank of Libya that...
The Central Bank of Libya is not designated for financial sanctions by the UN or UK. There are therefore no frozen assets in the UK belonging to Central Bank of Libya.
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.
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.
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.
To ask the Chancellor of the Exchequer, how many licences have been granted in relation to frozen Libyan assets in the UK; and to whom those licences have been granted.
To ask the Chancellor of the Exchequer, how many licences have been granted in relation to frozen Libyan assets in the UK; and to whom those licences have been granted.
The Office of Financial Sanctions Implementation (OFSI) releases an annual review each year, which provides information about the number of licences issued. From April 2017 to March 2020, OFSI issued a total of 66 new licences under the Libya regime.
OFSI does not publish details of individual licences granted.
To ask the Chancellor of the Exchequer, pursuant to the Answer of 1 March 2021 to Question 156398 on Freezing of Assets: Libya, how the Libyan frozen assets described in that Answer are divided up into shares, bonds, property, cash, gold and other asset classes; and if he will list...
To ask the Chancellor of the Exchequer, pursuant to the Answer of 1 March 2021 to Question 156398 on Freezing of Assets: Libya, how the Libyan frozen assets described in that Answer are divided up into shares, bonds, property, cash, gold and other asset classes; and if he will list...
Each year OFSI carries out a review of frozen assets held by UK institutions. Anyone who holds frozen assets (including funds and economic resources) is required to report them to OFSI.
Economic resources means assets of every kind, whether tangible or intangible, movable or immovable (such as goods, property or rights) which are not funds themselves but which can be used to obtain funds, goods or services. Funds means financial assets and benefits of every kind, including but not limited to:
• cash, cheques, claims on money, drafts, money orders and other payment instruments
• deposits with financial institutions or other entities, balances on accounts, debts and debt obligations
• loans and mortgages
• publicly and privately traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivatives contracts
• interest, dividends or other income on or value accruing from or generated by assets
• credit, right of set-off, guarantees, performance bonds or other financial commitments
• letters of credit, bills of lading, bills of sale
• documents evidencing an interest in funds or financial resources
• any other instrument of export-financing
The aggregate figure of funds frozen under the Libya regime as at September 2019 was approximately £11.809 billion. However, the Treasury does not break down the return data by category and institution in the manner requested.
To ask the Chancellor of the Exchequer, what estimate the Office of Financial Sanctions has made of the aggregate value of Libyan frozen funds held by UK institutions in the past 10 years.
To ask the Chancellor of the Exchequer, what estimate the Office of Financial Sanctions has made of the aggregate value of Libyan frozen funds held by UK institutions in the past 10 years.
Since its establishment in 2016, the Office of Financial Sanctions Implementation (OFSI) has undertaken an annual frozen asset review, requiring all persons or institutions that hold or control frozen assets in the UK to report to OFSI, from which the following figures are taken.
The figures are each an approximate total value of frozen Libyan assets in the UK. The figures for the 2020 Frozen Asset Review are still being finalised, and will be published in OFSI’s Annual Review later this year.
September 2017 £12.061 billion
September 2018 £11.222 billion
September 2019 £11.809 billion
To ask the Chancellor of the Exchequer, how much interest has been generated from frozen Libyan assets held in the UK in each of the last 10 years.
To ask the Chancellor of the Exchequer, how much interest has been generated from frozen Libyan assets held in the UK in each of the last 10 years.
The Treasury does not hold information on the total interest that has accrued on Libyan frozen assets.
The Office of Financial Sanctions Implementation (OFSI) undertakes an annual frozen asset review requiring all persons or institutions that hold or control frozen funds in the UK to report to OFSI. OFSI’s published Annual Review provides an aggregate figure for the value of Libyan frozen funds held by UK institutions. However, there is no requirement for banks to report interest separately in the annual returns on frozen assets they provide to OFSI.
To ask Her Majesty's Government when they intend to publish the findings of an investigation into the unexplained write-down by an unidentified financial institution of up to £840 million of frozen Libyan assets held in London.
To ask Her Majesty's Government when they intend to publish the findings of an investigation into the unexplained write-down by an unidentified financial institution of up to £840 million of frozen Libyan assets held in London.
The Office of Financial Sanctions Implementation (OFSI) within HM Treasury continues to investigate a discrepancy outlined in our previous response. I cannot comment on ongoing cases.
OFSI only publishes a summary of a compliance case when an investigation into a breach of financial sanctions results in a monetary penalty. These summaries can be found on OFSI’s ‘Enforcement of Financial Sanctions’ page on GOV.UK. Further details of the circumstances in which OFSI would issue a monetary penalty are available in the ‘Monetary Penalties for Breaches of Financial Sanctions – Guidance’, also available on OFSI’s GOV.UK page.
To ask Her Majesty's Government what is the total amount of tax collected from frozen Libyan assets held in the UK since the UN Security Council Resolution 1973 (2011) S/RES/1973(2011).
To ask Her Majesty's Government what is the total amount of tax collected from frozen Libyan assets held in the UK since the UN Security Council Resolution 1973 (2011) S/RES/1973(2011).
Identifying tax receipts on frozen assets is complex, requiring entities on the sanctions list to be validated and matched against HMRC’s tax records. HMRC will do this as quickly as they can. The Treasury shall write to the Noble Lord shortly and place a copy of the letter in the Library of both Houses.
To ask Her Majesty's Government what assessment they have made of reports that Libyan assets frozen in the UK have sustained a significant drop in value.
To ask Her Majesty's Government what assessment they have made of reports that Libyan assets frozen in the UK have sustained a significant drop in value.
At close of business on Friday 28 September 2018 the approximate total value of frozen Libyan assets in the UK reported to the Office of Financial Sanctions Implementation (OFSI) in the Treasury was £11.2 billion. The figures for 2019 are being finalised. OFSI undertakes an annual frozen asset review requiring all persons or institutions that hold or control frozen assets in the UK to report to OFSI, from which this figure is taken.
HM Government does not own or hold frozen assets as a result of UN and EU sanctions on Libya. It is the responsibility of individuals and entities (e.g. Financial Institutions) to ensure they comply with their asset freezing obligations under the relevant sanction’s regime.
In 2019, OFSI identified an inconsistent figure relating to Libyan frozen funds reported by a financial institution when conducting the 2018 review, and contacted the institution for an explanation of the figure. The financial institution stated that an incorrect figure had been submitted in the previous year as part of its submission. This artificially inflated the figure reported to HMT for the 2017 review and therefore the overall level of frozen assets recorded for 2017.
An incorrect submission to the Treasury does not represent a loss of frozen funds. There is currently no evidence to suggest that frozen funds have been depleted or moved.
OFSI is currently investigating the discrepancy, but I cannot comment on ongoing cases and the financial institution cannot be named for legal reasons.
To ask Her Majesty's Government what is the current value of Libyan assets frozen in the UK as a result of United Nations Security Council Resolution 1973 (2011) S/RES/1973 (2011).
To ask Her Majesty's Government what is the current value of Libyan assets frozen in the UK as a result of United Nations Security Council Resolution 1973 (2011) S/RES/1973 (2011).
At close of business on Friday 28 September 2018 the approximate total value of frozen Libyan assets in the UK reported to the Office of Financial Sanctions Implementation (OFSI) in the Treasury was £11.2 billion. The figures for 2019 are being finalised. OFSI undertakes an annual frozen asset review requiring all persons or institutions that hold or control frozen assets in the UK to report to OFSI, from which this figure is taken.
HM Government does not own or hold frozen assets as a result of UN and EU sanctions on Libya. It is the responsibility of individuals and entities (e.g. Financial Institutions) to ensure they comply with their asset freezing obligations under the relevant sanction’s regime.
In 2019, OFSI identified an inconsistent figure relating to Libyan frozen funds reported by a financial institution when conducting the 2018 review, and contacted the institution for an explanation of the figure. The financial institution stated that an incorrect figure had been submitted in the previous year as part of its submission. This artificially inflated the figure reported to HMT for the 2017 review and therefore the overall level of frozen assets recorded for 2017.
An incorrect submission to the Treasury does not represent a loss of frozen funds. There is currently no evidence to suggest that frozen funds have been depleted or moved.
OFSI is currently investigating the discrepancy, but I cannot comment on ongoing cases and the financial institution cannot be named for legal reasons.
To ask Her Majesty's Government how much revenue has been raised from frozen Libyan assets in London in each of the last five years for which figures are available.
To ask Her Majesty's Government how much revenue has been raised from frozen Libyan assets in London in each of the last five years for which figures are available.