Irish banks hold €1.48bn of funds frozen by EU sanctions

Ireland’s Minister for Finance, Michael Noonan, has released figures provided by Ireland’s central bank detailing the amount of frozen funds held in Irish banks pursuant to EU sanctions. Money frozen in connection with sanctions on Libya accounts for the vast majority of the total, €1,482,885,723, and funds frozen under the EU’s Iran, Al-Qaida, Syria, Liberia, Burma, North Korea, and Somalia sanctions bring the total to €1,485,661,150.

Currently, 36 people and 18 entities are listed on the EU’s sanctions on Libya, which include UN and EU designations for those involved in serious human rights abuses or violations of international law in Libya. Several of the listed people are relatives of the late Libyan President Gaddafi. The figures in full are here, disclosed following a question to the Minister from Irish TD Pearse Doherty.

The UK Treasury has requested the details of all assets in the UK that belong to designated people & entities (see previous blog).

This entry was posted in General, Libya by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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