Asked by: Lady Hermon (Independent - North Down)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the value of Libyan assets frozen in the UK; and if he will make a statement.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
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. 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 UK jurisdiction under EU Regulation 204/2011 is £ 9,467,630,000. These 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.
HM Treasury publishes the names of those subject to EU financial sanctions on the Consolidated List of Financial Sanctions Targets in the UK, which can be found on gov.uk website.