Libya: Oversight Protections for Money Recovered by the TNC (Taken Question)

Taken Question
Office of the Spokesperson
Washington, DC
October 12, 2011

Question: Hundreds of millions of stockpiled U.S. dollars in Libya have been recovered by the TNC. These dollars were hidden by the Qadhafi regime. What are the oversight protections in place to ensure the proper protection of these dollars? How can we be sure that these dollars are being used for the Libyan people and are not being siphoned off?

Answer: I refer you to the TNC regarding details as to how much money has been recovered in the country and how it will be used. We understand, however, that the TNC is keenly aware of its responsibility to safeguard Libyan funds that it controls. As such, the TNC has stated that one of its early priorities is to work with the United Nations Security Mission in Libya (UNSMIL) to develop robust accounting mechanisms. Furthermore, personnel from the World Bank and IMF are currently in Libya on a fact-finding mission to discuss financial management, among other things, with the TNC.

PRN: 2011/1708