This is according to UK advocacy group Global Witness, which claimed Goldman Sachs held almost $44 million across four accounts, while HSBC had $292.7 million in ten holdings, as of June 30th 2010.
The group noted that both lenders have refused to confirm whether or not they were in possession of such funds.
Quarter one of 2011 saw the Libyan state fund lose 4.5 per cent in market value, with Qaddafi retaining its control at present.
Charmian Gooch, director at Global Witness, said: "It is completely absurd that banks like HSBC and Goldman Sachs can hide behind customer confidentiality in a case like this."
The Financial Times recently reported that Goldman Sachs has reshuffled its investment banking arm in an effort to better client relationships that have been damaged in the aftermath of the financial crisis.
By Asim Shah