An 81-year-old man, Paul Blanchard, who was accused of involvement in a £60 million Tenerife timeshare scam connected to deceased gangster John “Goldfinger” Palmer, has been acquitted of money laundering charges by Spanish authorities. Blanchard, who asserted his innocence by stating he was assisting the police, has now been cleared as the Spanish prosecution case collapsed.
The saga dates back to Palmer’s infamous history, where he amassed wealth from various criminal activities, including a timeshare scam in Tenerife. Palmer’s fallout with Mohamed Derbah, his former security chief, led to a violent conflict in the 90s. Derbah, who allegedly sheltered criminal Kenneth Noye, was linked to a similar fraudulent scheme. Blanchard, claiming he believed the operation was legitimate, collaborated with Spanish officials when suspicions arose regarding Derbah funding Hezbollah.
Blanchard previously served a prison sentence in the UK for passport fraud, money laundering, and attempted theft. Despite facing extradition to Spain, Blanchard successfully challenged the initial order in 2021 due to legal issues with the warrant. However, Spain issued a new request in 2022, which was initially approved but later dropped ahead of a scheduled appeal hearing in May.
Blanchard expressed relief over the dismissal of the case, emphasizing that his UK conviction was unjust as he was working as an informant. He revealed details of his cooperation with Spanish authorities in monitoring cash movements and providing information on a terror network pre-2004 Madrid train bombings.
An extradition request labeled Blanchard as the “financial adviser” in Derbah’s network, involved in money laundering and other illicit activities. Despite his past association with criminal figures like Noye and Palmer, Blanchard maintained his innocence throughout the legal battles.
