International hunt begins for former Syrian leader's assets

Following the fall of Bashar Assad's regime in Syria, a global effort began to track down the billions of dollars hidden by the Assad family over decades of ruling the country.

A report by The Wall Street Journal highlights that this pursuit is expected to be complicated and lengthy, similar to past attempts to recover the assets of ousted leaders like Saddam Hussein and Muammar Gaddafi.

Since Hafez al-Assad, Bashar’s father, came to power in 1970, the Assad family has built an intricate network of investments and business interests."Close relatives of Bashar al-Assad have acquired real estate in Russia, boutique hotels in Vienna, and a private jet in Dubai," according to former U.S. officials.

“There will be an international hunt for the regime’s assets,” said Andrew Tabler, a former White House official. “They always had a Plan B, so they are well-prepared for expulsion.”

As recalled by Caliber.Az, President Bashar al-Assad fled Syria on December 8 after opposition forces, made up of various rebel groups, reached the capital Damascus, ending his 24-year rule.

While the exact size of the Assad family's wealth is unclear, a 2022 U.S. State Department report estimates it could range from $1 billion to $12 billion. The family’s fortune was amassed through monopolies and illegal activities, particularly the trade in the drug Captagon, with some of the funds reinvested in jurisdictions outside international law. Asma al-Assad, Bashar’s wife and a former JPMorgan banker, is a key figure in managing the family’s financial operations.

Efforts to freeze assets have already begun. In 2019, a Paris court froze €90 million in assets belonging to Bashar al-Assad’s uncle, Rifaat, which were linked to state money laundering. However, recovering assets from tax havens such as Dubai or Russia is seen as more challenging.

"We have an obligation to return the money to the Syrian people," said William Bourdon, a human rights lawyer, in the report.The article also notes that some Syrians have already taken matters into their own hands by looting Assad properties, including garages filled with luxury cars and artwork.

By Nazrin Sadigova