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1666396

registered interest
date	20/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freezing of Assets: Libya
house id	1
legislature	25259 pref label House of Commons
question text	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.
tabling member constituency	Romford
tabling member printed	Andrew Rosindell
uin	203666
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>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.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 26/10/2023 08:48:18 answering member 4850 label Biography information for Gareth Davies
tabling member	1447 label Biography information for Andrew Rosindell

1521758

registered interest
date	13/10/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freezing of Assets: Libya
house id	1
legislature	25259 pref label House of Commons
question text	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.
tabling member constituency	Tewkesbury
tabling member printed	Mr Laurence Robertson
uin	62679
answer	answer is ministerial correction date of answer 18/10/2022 answer text <p>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.</p><p> </p><p>The figures are each an approximate total value of frozen Libyan assets in the UK:</p><p> </p><p>September 2017 £12.061 billion</p><p>September 2018 £11.222 billion</p><p>September 2019 £11.809 billion</p><p>September 2020 £11.528 billion</p><p> </p><p>The figures for the 2021 Frozen Asset Review are still being finalised and will be published in OFSI’s Annual Review later this year.</p><p> </p><p>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.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/10/2022 16:42:19 answering member 4874 label Biography information for Andrew Griffith
tabling member	253 label Biography information for Mr Laurence Robertson

1465601

registered interest
date	24/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freezing of Assets: Libya
house id	2
legislature	25277 pref label House of Lords
question text	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 no Libyan assets have been frozen in Britain.
tabling member printed	Lord Empey
uin	HL483
answer	answer is ministerial correction date of answer 07/06/2022 answer text <p>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.</p> answering member printed Baroness Penn question first answered 07/06/2022 11:16:25 answering member 4726 label Biography information for Baroness Penn
tabling member	4216 label Biography information for Lord Empey

1402110

registered interest
date	11/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freezing of Assets: Libya
house id	2
legislature	25277 pref label House of Lords
question text	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.
tabling member printed	Lord Empey
uin	HL5307
answer	answer is ministerial correction date of answer 25/01/2022 answer text <p>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.</p><p> </p><p>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”.</p><p>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.</p><p> </p><p>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.</p> answering member printed Viscount Younger of Leckie question first answered 25/01/2022 17:02:24 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	4216 label Biography information for Lord Empey

1306470

registered interest
date	25/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freezing of Assets: Libya
house id	1
legislature	25259 pref label House of Commons
question text	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.
tabling member constituency	North Down
tabling member printed	Stephen Farry
uin	176118
answer	answer is ministerial correction date of answer 19/04/2021 answer text <p>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.</p><p> </p><p>OFSI does not publish details of individual licences granted.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/04/2021 08:48:24 answering member 4051 label Biography information for John Glen
tabling member	4856 label Biography information for Stephen Farry

1299190

registered interest
date	03/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freezing of Assets: Libya
house id	1
legislature	25259 pref label House of Commons
question text	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 the top 10 institutions which manage those funds.
tabling member constituency	North Antrim
tabling member printed	Ian Paisley
uin	162602
answer	answer is ministerial correction date of answer 12/03/2021 answer text <p>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.</p><p> </p><p>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:</p><p> </p><p>• cash, cheques, claims on money, drafts, money orders and other payment instruments</p><p>• deposits with financial institutions or other entities, balances on accounts, debts and debt obligations</p><p>• loans and mortgages</p><p>• publicly and privately traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivatives contracts</p><p>• interest, dividends or other income on or value accruing from or generated by assets</p><p>• credit, right of set-off, guarantees, performance bonds or other financial commitments</p><p>• letters of credit, bills of lading, bills of sale</p><p>• documents evidencing an interest in funds or financial resources</p><p>• any other instrument of export-financing</p><p> </p><p>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.</p> answering member constituency Salisbury answering member printed John Glen question first answered 12/03/2021 12:20:49 answering member 4051 label Biography information for John Glen
tabling member	4129 label Biography information for Ian Paisley

1288132

registered interest
date	22/02/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freezing of Assets: Libya
house id	1
legislature	25259 pref label House of Commons
question text	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.
tabling member constituency	North Antrim
tabling member printed	Ian Paisley
uin	156398
answer	answer is ministerial correction date of answer 01/03/2021 answer text <p>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.</p><p> </p><p>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.</p><p> </p><p>September 2017 £12.061 billion</p><p>September 2018 £11.222 billion</p><p>September 2019 £11.809 billion</p> answering member constituency Salisbury answering member printed John Glen question first answered 01/03/2021 11:01:23 answering member 4051 label Biography information for John Glen
tabling member	4129 label Biography information for Ian Paisley

1285728

registered interest
date	10/02/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freezing of Assets: Libya
house id	1
legislature	25259 pref label House of Commons
question text	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.
tabling member constituency	North Antrim
tabling member printed	Ian Paisley
uin	152525
answer	answer is ministerial correction date of answer 22/02/2021 answer text <p>The Treasury does not hold information on the total interest that has accrued on Libyan frozen assets.</p><p> </p><p>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.</p> answering member constituency Salisbury answering member printed John Glen question first answered 22/02/2021 09:58:39 answering member 4051 label Biography information for John Glen
tabling member	4129 label Biography information for Ian Paisley

1170156

registered interest
date	13/01/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freezing of Assets: Libya
house id	2
legislature	25277 pref label House of Lords
question text	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.
tabling member printed	Lord Empey
uin	HL303
answer	answer is ministerial correction date of answer 22/01/2020 answer text <p>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. <br></p><p>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.</p> answering member printed The Earl of Courtown question first answered 22/01/2020 15:45:10 answering member 3359 label Biography information for The Earl of Courtown
tabling member	4216 label Biography information for Lord Empey

1168569

registered interest
date	19/12/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freezing of Assets: Libya
house id	2
legislature	25277 pref label House of Lords
question text	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).
tabling member printed	Lord Empey
uin	HL27
answer	answer is ministerial correction date of answer 07/01/2020 answer text <p>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.</p> answering member printed The Earl of Courtown question first answered 07/01/2020 16:33:03 answering member 3359 label Biography information for The Earl of Courtown
tabling member	4216 label Biography information for Lord Empey