here's the article telling how UK illegally froze Iceland banks

[ensho]

http://www.bloomberg.com/apps/news?pid=20601102&sid=aXjIA5NzyM5c


U.K. Used Anti-Terrorism Law to Seize Icelandic Bank Assets



Chancellor of the Exchequer Alistair Darling used anti-terrorism rules to take control of assets held in Britain by a troubled Icelandic bank.

Darling stepped in to protect deposits made by U.K. residents in Reykjavik-based Landsbanki Islands hf, which the government of Iceland seized yesterday. About 300,000 U.K. account holders held deposits at Landsbanki's Internet bank, Icesave.

``To protect U.K. economic interests the government has frozen the funds and financial assets held by Landbanksi,'' Stephen Timms, financial secretary to the Treasury, said in Parliament in London today.

Icesave yesterday blocked customers from accessing deposits at its online bank. The U.K. Treasury said it will guarantee all customer deposits at Icesave, even those above the Britain's 50,000-pound ($87,800) deposit protection plan.

The Treasury released a document to Parliament yesterday showing it used sections of the Anti-terrorism, Crime and Security Act 2001 to take control of the bank's assets, saying in the statement the bank's collapse may harm the U.K. economy.
-snip-
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[muriel_volestrangler]

1. 'Illegally'? It doesn't say anything about that

It even links to the law that was used.

[NNN0LHI]

2. Was terrorism involved here or just people who wanted their own money?

Sounds illegal to me.

Don

[muriel_volestrangler]

4. Bill doesn't say terrorism has to be involved

1) The Treasury may make a freezing order if the following two conditions are satisfied.

(2) The first condition is that the Treasury reasonably believe that—

(a) action to the detriment of the United Kingdom’s economy (or part of it) has been or is likely to be taken by a person or persons, or

(b) action constituting a threat to the life or property of one or more nationals of the United Kingdom or residents of the United Kingdom has been or is likely to be taken by a person or persons.

(3) If one person is believed to have taken or to be likely to take the action the second condition is that the person is—

(a) the government of a country or territory outside the United Kingdom, or

(b) a resident of a country or territory outside the United Kingdom.

(4) If two or more persons are believed to have taken or to be likely to take the action the second condition is that each of them falls within paragraph (a) or (b) of subsection (3); and different persons may fall within different paragraphs.

Losing a few billion, when Icesave froze the accounts so no-one could withdraw their money, counts as "to the detriment of the United Kingdom’s economy (or part of it)".

[NNN0LHI]

5. You left a lot of the "bill" out of your post

http://www.opsi.gov.uk/ACTS/acts2001/ukpga_20010024_en_2

Part 1

Terrorist Property

1 Forfeiture of terrorist cash (1) Schedule 1 (which makes provision for enabling cash which—
(a) is intended to be used for the purposes of terrorism,
(b) consists of resources of an organisation which is a proscribed organisation, or
(c) is, or represents, property obtained through terrorism,
to be forfeited in civil proceedings before a magistrates' court or (in Scotland) the sheriff) is to have effect.
(2) The powers conferred by Schedule 1 are exercisable in relation to any cash whether or not any proceedings have been brought for an offence in connection with the cash.
(3) Expressions used in this section have the same meaning as in Schedule 1.
(4) Sections 24 to 31 of the Terrorism Act 2000 (c. 11) (seizure of terrorist cash) are to cease to have effect.
(5) An order under section 127 bringing Schedule 1 into force may make any modifications of any code of practice then in operation under Schedule 14 to the Terrorism Act 2000 (exercise of officers' powers) which the Secretary of State thinks necessary or expedient.
2 Amendments relating to section 1 (1) In Schedule 2 to the Access to Justice Act 1999 (c. 22) (services excluded from the Community Legal Service), paragraph 2 (exclusion of advocacy: exceptions) is amended as follows.
(2) In paragraph 2(2) (Crown Court), after paragraph (c) insert— “or
(d) which relate to an order under paragraph 6 of Schedule 1 to the Anti-terrorism, Crime and Security Act 2001”,
and omit the “or” at the end of paragraph (b).
(3) In paragraph 2(3) (magistrates' courts), in paragraph (j), after “1998” insert— “or
(k) for an order or direction under paragraph 3, 5, 6, 9 or 10 of Schedule 1 to the Anti-terrorism, Crime and Security Act 2001”,
and omit the “or” at the end of paragraph (i).
(4) Schedule 14 to the Terrorism Act 2000 (exercise of officers' powers) is amended as follows.
(5) In paragraph 1—
(a) in paragraph (a), for “section 24” substitute “the terrorist cash provisions”, and
(b) after paragraph (b) insert—
“and “the terrorist cash provisions” means Schedule 1 to the Anti-terrorism, Crime and Security Act 2001”.

(6) In paragraphs 2, 3 and 6(1), at the end insert “or the terrorist cash provisions”.
(7) In paragraph 5, after “Act” insert “or the terrorist cash provisions”.
(8) In Part I of Schedule 1 to the Legal Aid, Advice and Assistance (Northern Ireland) Order 1981 (S.I.1981/228 (N.I.8)) (proceedings for which legal aid may be given under Part II of the Order), in paragraph 3 (courts of summary jurisdiction) after sub-paragraph (h) insert—
“(i) proceedings under paragraphs 3, 5, 6, 9 and 10 of Schedule 1 to the Anti-terrorism, Crime and Security Act 2001”.

[muriel_volestrangler]

6. You really wanted to read through the entire bill?

I quoted Section 4, which was the relevant section. Here's The Guardian's legal expert on this:

I don't blame Iceland's prime minister for coming to the angry conclusion that the UK government had frozen Icelandic assets here by using a law meant to combat terrorism. The real culprit is the British habit of cramming lots of subjects into one act of parliament. The Icelandic freezing was done under the 2001 Anti-Terrorism, Crime and Security Act, but not under that part of it which dealt with terrorism. Section 4 says that if the Treasury reasonably believes that someone is taking action to the detriment of the UK's economy, the assets of that person (which includes a bank or a government) can be frozen. Nothing to do with terrorism; and there are several other bits of the act similarly free from a terrorism link. Perhaps this will be a lesson to whoever makes up the titles of statutes. If it had been called the We Can Freeze Your Assets Act, Reykjavik could have had no complaint.

http://www.guardian.co.uk/commentisfree/2008/oct/13/terrorism-uksecurity

[NNN0LHI]

7. No but the part where it says terrorist or terrorism every 3 words is pertinent

And if it had been called the We Can Freeze Your Assets Act, Reykjavik likely would have removed their money a long time ago. Like before the bill went into effect.

Don

[muriel_volestrangler]

8. Well, no, it's not pertinent - that's what that law lecturer just told us

:shrug:

Reykjavik could have removed their money a long time ago with the name it has. British savers could have removed their money from the Icelandic bank a long time ago - until the Icelandic government nationalised the bank, and froze everyone's accounts, which is what got the British government to retaliate.

[bean fidhleir]

3. The book "Money Makes The World Go Round" by Barbara Garson,

is a very powerful indictment of globalization.

She describes the US's habit of freezing assets to punish people and countries for not being sufficiently subservient. And she connects that up with the creation of first the "Eurodollar" and then the money-trading industry. Then she shows how that created an extra-national ruling class. And finally, we see that this new international ruling class is the ultimate force behind the hideously real prospect that Earth will no longer be able to support high order life.

And that's just one of the many sets of dots she connects up. It's a wonderful book. Every time I dig into it, I get back something new.

"Ye shall know the truth, and the truth shall make you fret"