Freezing of Assets: Libya
The question
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.
Answered by Emma Reynolds
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.
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