Britain froze the assets of Muammar Gaddafi and his five children on Feb 27 evening at an emergency meeting of the Privy Council at Windsor castle presided over by the Queen.

The chancellor, George Osborne, acted amid reports that the Libyan leader had moved £3bn to Britain last week. In a separate cloak-and-dagger operation, £900m of Libyan currency was impounded in Britain. Earlier ministers announced they had stripped the Gaddafi family of its diplomatic immunity in Britain.

A special meeting of the Privy Council approved an order in council freezing the assets of Gaddafi, his sons Saif al-Islam, Hannibal Muammar, Khamis Muammar, and Mutassim, and his daughter Aisha Muammar, The Guardian reported.

The order in council freezes "all funds, financial assets and economic resources owned or controlled by the listed individuals and entities, or by anyone acting on their behalf or by entities controlled" by the named members of the Gaddafi family. The City of London has been informed that "no funds or economic resources can be made available to listed persons or entities, or for their benefit".