UK set to seize billions in Gaddafi assets

U.S. Secretary of State Hillary Clinton with L...Image via Wikipedia

The funds are expected to be seized within days. The Treasury is understood to have set up a unit to trace Col Gaddafi's assets in Britain, which are thought to include billions of dollars in bank accounts, commercial property and a £10 million mansion in London.

In total, the Libyan regime is said to have around £20 billion in liquid assets, mostly in London. These are expected to be frozen as part of an international effort to force the dictator from power. A Whitehall source said: "The first priority is to get British nationals out of Libya. But then we are ready to move in on Gaddafi's assets, the work is under way. This is definitely on the radar at the highest levels."

Col Gaddafi was yesterday accused of ordering the deaths of thousands of protesters, but he refused to surrender as Libya descended into civil war.


International attention is now expected to turn to efforts to force Col Gaddafi from power. Hillary Clinton, the US Secretary of State, is expected to attend UN talks in Switzerland on sanctions and plans for a no-fly zone over Libya. Last night the Swiss announced they were freezing Col Gaddafi’s assets in the country.

It appears the international community is lumbering into action like a herd of turtles. It is better than nothing which is pretty much what has been happening in recent days as Gaddafi has been committing mass murder.

Obama needs to order a carrier into the Mediterranean so there will be some credibility to a no fly zone.
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