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Gadaffi's attempt to withdraw money foiled

News18test sharma |

Updated: February 28, 2011, 9:16 PM IST
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Gadaffi's attempt to withdraw money foiled
Canadian and British banks foiled Gadaffi's attempt to withdraw money.

London/Toronto: Attempts by embattled Libyan strongman Muammar Gadaffi to withdraw his billions from British and Canadian banks were thwarted by the authorities,according to reports on Monday.

An attempt was made to export nearly one billion pounds worth of mint Libyan banknotes back to Tripoli, British newspaper 'The Independent' reported.

"Last night the government moved to officially freeze the assets held by the Libyan regime in the UK following sanctions imposed by the UN Security Council. But yesterday it emerged that an attempt was made last week to move 900 million pounds of uncirculated notes held in a secure storage facility in the UK back into Libya," the report said.

While Canadian 'CTV News' quoting government sources said that Ottawa has imposed binding sanctions on the regime of Gadaffi, a move that would keep his family from withdrawing millions of dollars from Canadian banks.

"Gadaffi's family has millions of dollars tied up in several Canadian financial institutions, and were planning to withdraw it all on Monday," the CTV News quoted the sources as saying.

Earlier, the 15-member UNSC, including India, had unanimously slapped "biting" sanctions on Libya, ordering an arms embargo, travel and assets ban and a crimes against humanity probe.

Britain's Treasury, in a statement, said all assets controlled by Gadaffi, his four sons and one daughter would be covered by the freeze. In addition, anyone with suspicion that funds could belong to the named beneficiaries is also covered.

This means, in practise, all the assets held by the Libyan Investment Authority, which has offices in London, will be impounded. George Osborne, the Chancellor said: "I have on Monday taken action to freeze the assets in the UK of Colonel Gadaffi and his family or those acting on their behalf so that they
cannot be used against the interests of the Libyan people."

Canadian sanctions went one step beyond the UN resolution, imposing an asset freeze and barring financial transactions involving the Libyan government, including the country's central bank.

Canadian Prime Minister Stephen Harper announced the sanctions on Sunday, saying they were implemented in line with a UNSC resolution passed a day earlier.

"The murder of its own citizens by the Libyan regime and the gross violations of the population's human rights will not be tolerated by the international community and will carry serious consequences," Harper said.

Canada's sanctions include an arms embargo to prevent the sale or purchase of weapons with Libya, inspecting cargo bound for the North African country, a travel ban on Gadaffi and 15 of his close associates, and an asset freeze on Gadaffi and his family, according to the CTV News.

First Published: February 28, 2011, 9:16 PM IST
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