Lady Hermon – 2015 Parliamentary Question to the Foreign and Commonwealth Office

The below Parliamentary question was asked by Lady Hermon on 2015-10-14.

To ask the Secretary of State for Foreign and Commonwealth Affairs, if he will make it his policy to ensure that interest earned on Libyan assets frozen in the UK is used to compensate the victims of IRA/Libyan-sponsored violence; and if he will make a statement.

Mr Tobias Ellwood

There is no legal basis upon which the UK could re-direct Libyan assets or the interest accrued to individuals for the purposes of compensation. Regarding assets which belonged to Qadhafi or other regime figures, the UN Security Council has stipulated that when these are unfrozen, they will be made available to, and for the benefit of the Libyan people. For the duration of time that these assets are frozen, they and any interest they accrue will be governed in accordance with the specific sanctions in place over the individuals or entities to which the assets belong. In this case, the asset freezing measures are set out under EU Regulation 204/2011 which prohibits the release of frozen funds and the interest accrued belonging to listed individuals or entities except in very specific circumstances, which do not apply here.