Thank you for your reading and interest in the news UK ‘loses’ nearly £1 billion of frozen Libyan funds and now with detailsHind Al Soulia - Riyadh - The families of victims of Qaddafi-backed terrorism reacted furiously on Tuesday after the UK government slashed the value of Libyan frozen funds held in Britain by up to £840 million because of an accounting error. Many of the assets frozen in the UK were once held by Col Muammar Qaddafi or members of his inner circle. Legal sources working on sanctions-related cases said it was difficult to get accurate information on frozen funds because banks holding the accounts cited client confidentiality. It meant that relatives of a US victim of the Harrods bombing received millions of dollars in compensation, while families of the UK victims got nothing. The Belgian government has come under scrutiny over its role in sanctions-busting financial transfers from frozen Libyan bank accounts.

Source: Libya Today December 17, 2019 18:11 UTC