UK: Treasury freezes Icelandic assets in sanctions move
The UK Treasury has announced a freeze on the assets of Landsbanki units in the UK, including assets held by the Icelandic government.
8 October 2008 19:00 (approx)
The UK Treasury issued a notice in respect of The Landsbanki Freezing Order 2008 which gives effect to a freeze on funds owned, held or controlled by the Icelandic bank Landsbanki, including those owned, held or controlled in relation to that bank by the relevant Icelandic Authorities or the Government of Iceland.
The consolidated list of asset freeze targets on the Treasury website has been updated today to reflect the Notice.
In effect, then, the UK has issued sanctions against Landsbanki and the government of Iceland.
The notice contains the following instruction: All financial institutions and other bodies and persons (emphasis added) in the UK are required to inform HM Treasury of all funds that they have frozen in accordance with the Order.
Therefore anyone in the UK who has loans from Landbanki must inform the Treasury thereof. However, the Notice does not provide details of the mechanism for so doing.
The full notice can be found in World Money Laundering Report Online: Resources.
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