EU Anti-Fraud Office Launches Formal Probe of Peter Mandelson
The European Union’s anti-fraud office has opened a formal investigation into Lord Peter Mandelson, the bloc’s former trade commissioner and recently dismissed British ambassador to Washington, over alleged misconduct during his four years in Brussels.
Latest OFAC Actions Target ’Shadow Fleet’ and ’Teapot’ Refinery
The U.S. Treasury Department on Friday sanctioned a major Chinese independent oil refinery and roughly 40 shipping firms and vessels tied to what it called Iran’s “shadow fleet,” in the latest action under a campaign Treasury has dubbed “Economic Fury.”
Cannabis Reclassification Will Improve Sector’s Cash Flow, Not Banking Woes
The Trump administration’s decision to reclassify marijuana as a less dangerous drug marks a milestone for the cannabis industry, but experts and executives say it falls well short of ending the sector’s longstanding exile from the mainstream financial system.
Trump’s Leaner DOJ is Pursuing Fewer Criminal Prosecutions, Data Shows
The Trump administration has cut more than 4,000 employees from some of the nation’s top law-enforcement agencies even as it has pledged to get tough on crime, according to U.S. Justice Department records.
Tether Freezes $344mn in USDT in Coordination with OFAC
Tether froze more than $344 million in USDT across two addresses Thursday in coordination with the U.S. authorities, the stablecoin issuer announced, in one of the largest compliance actions in the company’s history.
Explainer: What’s in the EU’s 20th Russia Sanctions Package?
The European Union on Thursday formally adopted its much delayed 20th package of restrictive measures against Russia and the bloc’s biggest package of designations in two years. Here’s what’s in it.
U.S. Moves Against Asian Scam Centers, Sinaloa Supply Chain
U.S. officials on Wednesday struck at Southeast Asian scam compounds defrauding Americans and a global fentanyl supply chain, announcing criminal charges, sanctions, and the seizure of hundreds of fraudulent websites in a pair of coordinated enforcement actions.
FATF Calls on Italy to Fix Ownership Register, Tighten DNFBP Oversight
Italy has passed a sweeping review of its anti-money-laundering regime but must urgently fix a suspended corporate ownership registry and tighten oversight of non-financial businesses, the Financial Action Task Force (FATF) said in a report published on Thursday.
Leader of $140mn ‘Faith-Based’ Ponzi Scheme Charged with Wire Fraud
The founder of a Newnan, Georgia-based lender that marketed faith-based investments to conservative audiences was charged with felony wire fraud on Thursday, escalating a civil fraud case into a criminal prosecution nearly a year after regulators shuttered what they described as a $140 million Ponzi scheme.
PwC to Pay $166 Million to Settle Hong Kong Evergrande Allegations
PricewaterhouseCoopers has agreed to pay HK$1.3 billion ($166 million) in fines and compensation to settle regulatory investigations into its audit work for collapsed Chinese property developer China Evergrande Group.