Archive for March, 2011
Many nations including the European Union, Switzerland, United Kingdom, Canada, and the United States are freezing the assets of the Libyan government in an effort to stop the government’s violent responses to protests by the Libyan people. Switzerland froze Libya’s assets but Libya has withdrawn $5 billion from Switzerland over the past two years. Reuters has reported that the UK has seized about 2 million pounds of assets. The U.S. has frozen $30 billion in Libyan assets as of February 28. On Thursday March 3, the Winnipeg Free Press reported that Canada‘s Foreign Affairs Minister announced Freezing Assets of Corrupt Regimes Act which will permit the government to “quickly freeze and seize assets of despots and members of corrupt regimes upon official request.” More nations are likely to follow suit as the violence continues.