Libyaââ¬â¢s new rulers face ââ¬Ëdaunting legal hurdlesââ¬â¢ to find billions of pounds in cash, assets and property that the late leader Muammar Gadaffi and his family stashed across the world, according to experts.
According to Reuters, estimates suggest Gaddafi controlled as much as $30 billion (ã18.8 billion) in assets in the Unites States alone as well as large holdings in South Africa and Europe.
Gadaffi stashed billions in cash, art and overseas property
Victor Comras, a former money laundering expert for the United Nations and U.S. State Department, told the news agency: ââ¬ÅGaddafi was no dummy. The obvious and easy money, that held in Western banks and financial institutions, has largely already been located and blocked.ââ¬Â
As well as large sums of money in secret accounts and marketable art and collectibles it is believed that Gadaffiââ¬â¢s assets could also include ââ¬Ëproperty held under assumed names or controlled by trusted associates.ââ¬â¢
"Finding this money will require very advanced financial forensics and it will still be quite difficult to locate," Comras said.
Finding Gadaffiââ¬â¢s overseas property could be ââ¬Ëalmost impossibleââ¬â¢
One of the problems facing authorities is that there is ââ¬Ëno worldwide legal framework or treaty setting procedures for tracing, recovering and repatriating assets misappropriated or abused by deposed regimesââ¬â¢, according to Reuters.
Jonathan Winer, a former U.S. State Department official, said: "There is no single international legal regime so assets will have to be recovered country by country.ââ¬Â
Efforts to recover assets could also be complicated by legal claims. For example, claims could be made by victims of violence such as IRA bombings in Northern Ireland carried out with explosives allegedly supplied by Gaddafi.
Dealing with legal claims and recovering all cash and overseas property assets acquired over Gaddafi's 42 year reign as leader of Libya is going to be an ââ¬Ëunholy legal mess to sort out,ââ¬â¢ Winer said.
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