The United Nations Security Council is expected to appoint an international auditing firm to review financial institutions holding Libya’s frozen assets abroad, according to a report published by Africa Intelligence.
The report stated that the audit will cover banks and financial entities that have held Libyan funds frozen under United Nations sanctions imposed in 2011 following the uprising that led to the fall of the former regime. The appointment is expected to form part of broader international efforts aimed at improving transparency and oversight of the assets.
The planned review follows recent developments in the long-running frozen assets file. In April 2026, the UN Security Council adopted Resolution 2819, which called for enhanced monitoring and protection of Libya’s frozen wealth abroad, including provisions supporting a comprehensive audit process and the appointment of an independent internationally recognised auditing firm.
Libya’s frozen assets, which have remained under international restrictions since 2011, are considered among the country’s most sensitive financial issues. Various estimates place their value at tens of billions of dollars, with significant holdings linked to the Libyan Investment Authority and other sovereign entities.
The audit is expected to examine the management and status of the frozen funds, as well as verify compliance by financial institutions responsible for holding the assets. Previous calls for such a review gained momentum after Libyan bodies and international observers raised concerns about preserving the value of the assets and ensuring they remain protected for the benefit of future generations.
While the identity of the auditing firm has not yet been officially announced, Africa Intelligence reported that the Security Council is close to selecting the company that will carry out the review. The process is expected to provide a clearer picture of the condition and management of Libya’s frozen wealth after more than 15 years under international sanctions.
