Why was nobody watching Gibraltar?

There’s an old phrase: “Where there’s smoke, there’s fire.” And then there’s Gibraltar, where the smoke from Rifaat al-Assad’s money trail was so thick you could hardly breathe! Yet authorities, regulators and even lawyers appear to have walked straight through it without blinking.

It’s now a matter of public record that the Gibraltar branch of Jyske Bank enabled some of the most suspicious activity linked to al-Assad’s global network. We’re not just talking about questionable transactions or vague anomalies. We’re talking about cash being withdrawn in person by so-called ‘guards’, each taking less than €10,000 at a time, allegedly to avoid customs reporting thresholds.

We’re talking about over 91 Gibraltarian companies being used to acquire €700 million in Spanish property; a structure so sprawling that even hardened investigators had trouble charting it.

The question that no one in Gibraltar wants to answer is: how was this allowed to happen for so long?

Red flags in plain sight

What’s striking in the al-Assad case isn’t the complexity of the scheme. It’s how many times individuals and institutions raised red flags that were subsequently ignored, buried or deflected.

Take the case of Ginette Louise Blondel, the Guernsey-based adviser who acted as director for Cesara Ltd and was linked to at least seven other al-Assad companies. She’s since been fined and banned from financial work by the Guernsey Financial Services Commission, one of the highest individual fines on record.

The sole shareholder? None other than Fiduciary Trust Limited, a firm directly tied to Peter Isola, a prominent figure in Gibraltar’s financial and legal ecosystem.

If Blondel has faced repercussions, why hasn’t Fiduciary Trust (which was also shareholder to companies like Mansion GP Limited)? Why hasn’t the Gibraltar Financial Services Commission issued any public censure, warning or investigation into the firm’s role in facilitating these transactions?

Is it plausible that Fiduciary Trust acted with no knowledge of who their client was or where the money was coming from? Even if you were to believe that, what does it say about the due diligence and anti-money laundering culture in Gibraltar’s trust and company services sector?

A judiciary under question

Let’s not forget that this isn’t the only case raising eyebrows in Gibraltar. In related legal proceedings Mansion Group vs Karel Manasco, questions have already been raised by us about judicial impartiality. We’ve previously written about the recusal of Chief Justice Dudley in another matter linked to the same corporate ecosystem. That alone should have sparked a deeper look into whether key institutions were structurally compromised.

But there’s been nothing. No internal review. No reform proposals. Not even a press statement. If anything, the silence from the Gibraltar authorities has been deafening.

Money laundering through Europort?

One of the more concerning details to emerge from sentencing documents in France and disclosures from European investigators involves the Europort properties in Gibraltar. These commercial premises, some linked to companies under the al-Assad network, were reportedly used not just to hide funds but possibly to recycle illicit wealth into seemingly legitimate economic activity.

Shouldn’t that have prompted scrutiny? Shouldn’t local regulators have requested bank transaction data? Shouldn’t Jyske Bank’s compliance failures (spanning nearly two decades) have triggered an independent inquiry by the GFSC or at the very least a parliamentary question?

Instead, the only tangible outcome has been the quiet exit of Jyske Bank from Gibraltar, conveniently framed as a “strategic decision” with no relation to the scandal.

Will anyone answer?

This isn’t just about one man’s money. It’s about whether a jurisdiction is willing or capable of enforcing its own rules. It’s about whether those who help facilitate financial crime (knowingly or through negligence) are ever held to account. And it’s about whether public institutions are truly acting in the public interest.

So far, Gibraltar’s answer seems to be: Look away!!!

But with multiple European prosecutors, journalists and NGOs now shining a light on the 91 companies, on the opaque trusts, on the physical transfers of undeclared cash and on the names who made it all possible, the question isn’t whether there’s a case to answer.

It’s whether anyone is still listening.

FAQs

Who is Rifaat al-Assad and why is he controversial?
Rifaat al-Assad is the uncle of Syrian President Bashar al-Assad and has been accused of human rights abuses and massive financial corruption.

What role did Gibraltar play in the Assad money trail?
Gibraltar hosted over 91 shell companies used to launder €700 million into Spanish property linked to Rifaat al-Assad.

Which bank was implicated in the scandal?
Jyske Bank's Gibraltar branch enabled questionable cash withdrawals and transactions tied to al-Assad’s network.

How did these companies avoid detection?
The companies used small cash withdrawals under €10,000 to evade customs reporting thresholds and operated under lax scrutiny.

Was anyone held accountable in Gibraltar?
Only minor figures like Ginette Louise Blondel faced penalties; major firms and institutions involved have faced no public consequences.

What is Fiduciary Trust Limited’s link to the scandal?
Fiduciary Trust was a shareholder in key companies in the al-Assad network and has ties to a prominent Gibraltarian legal figure.

Did Gibraltar's Financial Services Commission take any action?
Despite the scale of the scandal, the GFSC has not issued public censure or launched investigations into the involved entities.

What concerns exist around Gibraltar’s judiciary?
Judicial impartiality has been questioned in related cases, including a Chief Justice’s recusal due to connections with the involved network.

Were Europort properties used for money laundering?
Yes, Europort properties in Gibraltar may have been used to launder and legitimize illicit wealth through commercial activity.

Has Jyske Bank acknowledged wrongdoing?
Jyske Bank exited Gibraltar, calling it a “strategic decision,” but has not publicly addressed the scandal or compliance failures.

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Sources

BBC News – Rifaat al-Assad: Syria president’s uncle sentenced in France for money-laundering https://www.bbc.co.uk/news/world-europe-53077818

Al Jazeera- Switzerland to try Syria’s Rifaat al-Assad for war crimes https://www.aljazeera.com/news/2024/3/12/switzerland-to-try-syrias-rifaat-al-assad-for-war-crimes

MoneyLaundering.com – Exclusive: Sentencing of Bashar Assad’s uncle in France exposes banks’ AML failure https://www.moneylaundering.com/news/exclusive-sentencing-of-bashar-assads-uncle-in-france-exposes-banks-aml-failure/

Comsure Group – Rifaat al-Assad and the red flags of criminality and money laundering 2002-2020-2024 https://www.comsuregroup.com/news/rifaat-al-assad-and-the-red-flags-of-criminality-and-money-laundering-2002-2020-2024/

La Vanguardia- La Audiencia Nacional juzga desde el lunes por blanqueo a miembros de la familia Assad https://www.lavanguardia.com/sociedad/20250504/10643937/an-juzga-lunes-blanqueo-capitales-miembros-familia-assad-ep-agenciaslv20250504.html

Bailiwick Express)- FOCUS: Meet the Guernsey journalist who shone a light on the al-Assad dealings https://www.bailiwickexpress.com/news-ge/focus-meet-guernsey-journalist-who-shone-light-blondel-al-assad-dealings/