From its base in New York, the Committee for Verification of Frozen Libyan Assets Abroad, which is affiliated with the Libyan House of Representatives (HoR), issued an urgent appeal to the UN Security Council’s Sanctions Committee. The Committee urged immediate execution of the resolution permitting the management of frozen Libyan assets, coupled with the necessity of launching a comprehensive financial audit of all balances held in foreign banks.
In its statement, the Committee confirmed discussions with the Sanctions Committee regarding the impact of the freezing regime, imposed since 2011, on Libyan sovereign assets. It stressed that these funds must be preserved as the property of the Libyan people, and the legal framework of the sanctions must remain sound.
The Committee welcomed the Security Council resolution that grants the Libyan Investment Authority (LIA) the authority to manage its frozen assets within the holding nations, viewing this as a positive step to mitigate financial depreciation. Nevertheless, it voiced deep concern over significant implementation delays by certain banking institutions.
Consequently, the Committee demanded clear United Nations directives mandating the literal execution of the resolution by all states, alongside the appointment of an independent international financial auditing firm. This firm would be tasked with examining Libyan assets held across 37 banks worldwide, asserting that this international review is both a legal and moral imperative
