CRISISBOOM

Libya’s people have taken most of the country, Gadhafi still controls Tripoli – Getty Images via @daylife

In addition to having his assets frozen by the Swiss and British governments, Colonel Muammar al-Gadhafi’s holdings in the United States have been blocked by the Department of the Treasury, which claims to have located at least $30 billion in Libyan assets.

After an executive order signed by President Barack Obama on Friday declared the “actions of Colonel Muammar Qadhafi [sic], his government, and close associates, […] an unusual and extraordinary threat to the national security and foreign policy of the United States,” the Financial Crimes Enforcement Network and the U.S. Treasury began to track down Libyan assets in the U.S.  By Monday, a Treasury official announced they had located $30 billion in Libyan assets linked to Gadhafi, his five children, Libya’s Central Bank, and its sovereign wealth fund.

Cited by the Journal, undersecretary for terrorism and financial intelligence David Cohen announced that “These blocking actions [are] depriving Col. Gadhafi access to these assets and safeguarding them for the Libyan people.”  Cohen didn’t name the financial institutions holding the assets nor did he reveal “the sources of the funds when pressed by reporters.”

Late on Friday, British authorities announced they had located and blocked 20 billion pounds ($32 billion) in Libyan assets and a 10 million pound ($16 million) mansion in London which they had traced back to Gadhafi.  Earlier that same day, Swiss authorities had announced they moved in and froze the tyrant’s accounts in their country.  (Read Amidst Rumors That Gadhafi’s Been Shot, Swiss And Brits Freeze His Assets).

Gadhafi apparently has lost control of most of his country, holding on to power from the all-important stronghold of Tripoli.  Oil prices, which had been going up like crazy through last week, began to drop on Monday, with WTI Crude falling 1.03% to $96.87 and Brent Crude down 0.29% to $111.82.  (Read Oil Hits $100 In New York As Libya’s Violent Uprising Carries On).

As Gadhafi attempts to push back and regain control over the nation he’s controlled for the last 40 years, the international community has progressively isolated him more and more.  With about $60 billion in Libyan assets already frozen, Gadhafi appears even more handicapped as he struggles to hold on to power in a country that is more than ready to turn its back on him.