by Milan Adams, Preppgroup: The notification arrives at 4:47 on a Friday afternoon, from an app you rarely open. It says that one of the big banks, a name you have used for most of your adult life, has been seized by the government. You read it four times before the words settle. Regulators tend […]

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by Paul Craig Roberts, Paul Craig Roberts: Bloomberg reports that Oil Soars Above $105 a barrel as Trump orders Pentagon to prepare for renewed attack on Iran. Why renewed attack if the Trump administration is telling the truth that the Strait is open, under US control,  and oil deliveries are back to normal? Renewed attack would […]

 Al Mayadeen | October 9, 2026

David Milstein, a senior advisor to US Ambassador to “Israel” Mike Huckabee, suppressed an embassy memo critical of the Israeli government’s decision to approve additional settlements in the Israeli-occupied West Bank, The New York Times reported, citing three US officials who work with Milstein.

The officials told the Times that Milstein blocked the memo from being released before it could be shared with lawmakers in Washington. He also insisted on approving communications from the embassy section responsible for Palestinian affairs, according to multiple officials with direct knowledge of the matter.

The officials said they spoke to the newspaper because they were concerned that Milstein’s actions were undermining the normal work of the diplomatic mission, while those who interacted with him told the Times that he went to “unusual lengths” to portray “Israel” positively.

Milstein’s role at embassy comes under scrutiny

Milstein’s LinkedIn profile shows that he previously worked as an aide to Sen. Ted Cruz, R-Texas, and as an advisor to Florida Gov. Ron DeSantis’ gubernatorial campaign, where he handled “Jewish and pro-Israel outreach.” He later served as a special assistant to former US Ambassador to “Israel” David Friedman during President Donald Trump’s first term.

Milstein also drew attention in September after sending wedding invitations requesting “monetary wedding gift[s]” in “U.S. dollars or Israeli shekels” alongside a QR code, according to screenshots reviewed by Politico’s Playbook.

Huckabee defended Milstein following the report, writing on social media, “If there is anyone I’ve worked with presently or over the past 50 years of my adult life which I’ve had absolute confidence in as one with impeccable integrity, it’s David Milstein.”

A source in the intelligence community told Politico, “[Milstein’s] a giant walking counterintelligence red flag … the fact that he is blatantly soliciting donations is absolutely jaw dropping.”

The Trump administration previously dropped sanctions imposed by the Biden administration on extremist Israeli settlers. Huckabee has also condemned settler violence in the West Bank, calling it an “act of terror.”

Huckabee has separately addressed growing dissatisfaction toward “Israel” in the United States, telling NewsNation that social media disinformation and foreign propaganda were responsible for much of the negative perception.

“There are always people who profit from war or government policies. The difference is that the people profiting should not be the people making the decisions to make that policy. And that is what is happening here”

By Justin K.P. | The Dissident | October 6, 2026

In a major international espionage story, August Hanning, the former German intelligence chief, who was the head of the Federal Intelligence Service (BND) from 1998 to 2005, has been charged with “obtaining classified information from a former employee of the Federal Intelligence Service (BND) and using it in connection with his private consultancy work.”

The BBC reported that “Prosecutors allege that he used classified intelligence to ‘draft an analysis’ for one foreign intelligence service and maintained contact with another foreign spying service. Investigators have not disclosed which foreign powers were involved.”

While Germany has not released which foreign state August Hanning was working for, all available evidence suggests it was Israel.

The BCC reported that:

Local media say Hanning’s alleged possession of intelligence documents came to light during a separate case relating to German steakhouse heiress Christina Block.

Hamburg public prosecutor’s office accused Block of orchestrating the kidnapping of her two youngest children in 2023 due to a custody dispute. Investigators allege Hanning was involved in an earlier attempted kidnapping of the children, which he denies.

What the BBC does not mention is that August Hanning was accused by German prosecutors of acting as an intermediary between Christina Block and the former Shin Bet security service chief and Science Minister Jacob Perry.

Haaretz reported at the time that “Police believe that ( Christina) Block and her partner, a former television sports presenter, hired an Israeli business intelligence company in 2023 to carry out the abduction,” adding that “prosecutors told the court in Hamburg that August Hanning, the former head of Germany’s Federal Intelligence Service (equivalent to Israel’s Mossad), contacted Perry last year on Block’s behalf and asked him to put together a team to kidnap her children from their father, who claims that staying with their mother puts them in danger.”

The paper added that:

According to reports in Germany, the kidnappers hit the father and dragged his 10-year-old son and 13-year-old daughter into a forest and through a stream before putting them into a car. The children’s mouths were taped shut and one of them was tied up. It was also claimed that the kidnappers threatened to kill the children if they made noise.

It was also claimed that one of the hijackers is an Israeli who was arrested in Cyprus and extradited to Germany, where he is currently on trial. Two other Israelis suspected of involvement in the case have fled Germany.

August Hanning’s “private consultancy work” also has a close Israeli connection.

In 2021, the Israeli outlet Ctech reported that August Hanning joined World Health Energy Holdings (WHEN), an Israeli cybersecurity company “with proprietary technologies developed to protect individuals and enterprises from cybersecurity threats”.

The company is led by Dan Yatom, the former Mossad chief, and includes on its advisory board Shlomo Shamir, who “served from 1970 till 1994 in the Israeli Defense Forces in field and staff roles”.

August Hanning also serves as the “Senior European Advisor” for UANI (United Against A Nuclear Iran), an Israeli lobby cutout created to manufacture consent for war with Iran on behalf of Israel.

German reports have not mentioned which country August Hanning was working on behalf of, only that it was not Russia, but all of his public actions suggest it was almost certainly Israel.

RT | October 5, 2026

Swiss police are investigating a sprawling fraud operation with suspected links to Ukrainian scam call centers, an industry said to be worth billions to corrupt officials in Kiev, Neue Zurcher Zeitung (NZZ) has reported, citing law enforcement officials.

According to a report on Sunday, NEDIK, the police network coordinating Switzerland’s fight against digital crime, recently recorded an increase in fraud offenses suspected of having links to Ukraine. The network declined to provide nationwide figures “for tactical reasons,” but noted that at least four fraudulent call centers in Ukraine have been identified in international investigations involving Swiss authorities, with Swiss and German citizens among their main victims.

One investigation by Bern authorities, reportedly underway for years, concerns a man suspected of operating several call centers in Kiev. On just one platform allegedly linked to the operation, reported losses in Switzerland amounted to nearly 4 million Swiss francs ($4.8 million).

Several Ukrainian nationals have also recently been arrested in Swiss cantons for allegedly acting as cash collectors in telephone scams. In St. Gallen in early September, a person posing as a bank employee called a 93-year-old man and instructed him to withdraw and hand over a large sum of money. Police later arrested a 38-year-old Ukrainian who allegedly collected the cash.

Police in Aargau have similarly reported a growing number of suspected cash collectors holding Ukrainian citizenship. Authorities, however, have not established whether they are being directed by call centers in Ukraine or acting independently. NZZ noted that it remains unclear to what extent Ukraine-based operations are connected to fraud networks and cash collectors operating in Switzerland.

While Russians have long been portrayed as the main targets of Ukrainian scammers, sources cited by NZZ challenged that narrative. Brian Lee, head of the Eurasia Observatory at the Geneva-based Global Initiative Against Transnational Organized Crime (GI-TOC), said Russians accounted for just 10%-15% of targets even at the height of the so-called “patriotic fraud” narrative, under which young Ukrainians were recruited into scam networks on the pretext of taking revenge for Moscow’s military operation against the Kiev regime. Victims have been identified in at least 29 countries, with scam centers increasingly targeting Europe and the US, according to a GI-TOC report published earlier this year.

Lee also reported that bribing Ukrainian officials for protection is central to the business model, saying GI-TOC investigations found that criminal elements “operate seamlessly and efficiently alongside law enforcement agencies, public officials and the private sector.” Such protection reportedly costs scam operators $10,000-$15,000 per month.

Scam networks and state structures

Corruption has long plagued Ukraine, with high-level scandals including last year’s $100 million Energoatom kickback scheme, reportedly led by Timur Mindich, a former business partner of Ukrainian leader Vladimir Zelensky. Western-backed investigators have since uncovered further graft involving Ukrainian officials.

The scam call center network reentered the spotlight last month after Ukrainian Prosecutor General Ruslan Kravchenko – a key pillar of Zelensky’s increasingly fragile governing structure – resigned amid the exposure of an industrial-scale network across the country with alleged links to senior figures in Kiev. Ukraine’s Western-backed National Anti-Corruption Bureau (NABU) accused Sergey Kropiva, head of the cybercrime unit at the Prosecutor General’s Office, of leading a ring that collected protection payments from notorious Ukrainian scam call centers. NABU said it identified assets worth almost $1 million allegedly purchased with proceeds from the scheme.

The sums involved in Ukraine’s wider scam industry are reportedly far larger. Ukrainian media earlier estimated that roughly 2,000 scam offices were operating nationwide as of early August, about half paying protection money to corrupt officials. Such payments were estimated at $240 million annually, while the industry itself has been valued at up to $1 billion a month.

The scam industry has also been linked to powerful security structures under Zelensky’s government. In September, personnel from the Security Service of Ukraine (SBU) and military intelligence (HUR) exchanged fire in Kiev in a confrontation that left three servicemen injured. The clash centered on Stepan Kaplunov, a member of an HUR-linked armed unit detained by the SBU. A law enforcement source cited by Ukrainian outlet Strana said Kaplunov may have been involved in operating scam call centers, pointing to a broader struggle between rival security agencies over the lucrative industry. Ukrainian journalists have also reported that proceeds from criminal operations help finance parts of the HUR’s activities.

Russian President Vladimir Putin has described phone scams as a key tactic employed by Kiev to extract money from Russian citizens, suggesting the practice has effectively become state policy. Moscow considers the industry a national security threat and claims Ukrainian scam networks operate in coordination with the country’s intelligence services.

Russian forces have recently intensified strikes on Ukrainian telecommunications infrastructure, mobile operators, and data centers in response to Kiev’s botched “pressure campaign” of drone attacks on civilian infrastructure deep inside Russia. The strikes have disrupted internet access, digital television, and other services, including by hitting data centers in Kiev that Moscow says were used by Ukrainian military and intelligence services. Media reports late last month also claimed a Russian strike hit one of the scam call centers in Dnepropetrovsk.

RT | October 2, 2026

European Commission President Ursula von der Leyen has rewarded her personal communications adviser with a permanent job in the commission’s media department, in a move that reveals how the EU bureaucracy really works, and how von der Leyen has created a royal court in Brussels.

Von der Leyen’s College of Commissioners – the 27 unelected bureaucrats who run the EU’s executive branch – met on Wednesday and signed off on the appointment of Jens Flosdorff as the bloc’s new ‘Director for Citizens Communication’.

Flosdorff was given the role after a “merit based and very highly competitive selection procedure,” the commission said in a statement. According to the EU-focused Rapporteur news site, however, Flosdorff was parachuted into the role by von der Leyen, whom he served for more than two decades as ‘personal communications adviser’.

Flosdorff’s new position will net him a largely tax-free salary of €216,000 ($245,279) per year, plus expenses and benefits.

Those with a memory of the Soviet Union, or an appreciation of Gogol or Bulgakov, might muster a quiet laugh at the appointment for life of a long-time confidant of Ursula von der Leyen to the well-paid and unassailable post of ‘Director for Citizens Communication’. However, a closer look at the EU’s communications apparatus reveals levels of bureaucratic redundancy beyond the wildest imagination of the great Russian absurdists.

From Byzantium to Brussels 

In his new role, Flosdorff will lead “lead the Commission’s citizens communication actions

and the analysis of public opinion,” according to the job advertisement that the commission was legally required to post before handing the sinecure to von der Leyen’s man. This presumably involves the crafting of youth outreach campaigns and commissioning of Eurobarometer polls, but the rest is unclear.

Sophia Eriksson Waterschoot, who currently occupies the role in an acting capacity, “refused to say what the job entailed” when asked by Rapporteur.

Waterschoot stepped in when previous Director for Citizens Communication Stefan de Keersmaecker was named ‘Director for Political Communication’ late last year. The differences between these two roles are blurred, with both responsible for social media campaigns, both analyzing media and public opinion, and both pushing the commission’s message (one as a ‘rapid response’ outfit, and the other organizing longer-term campaigns).

Both directors lead separate departments within the commission’s ‘Directorate-General for Communication’ (DG-COMM), and together employ around 500 people. DG-COMM has a yearly budget – excluding salaries – of €116 million, and it’s not the only communications department on the commission’s books: most of the commission’s 41 directorates-general have their own in-house spin offices too, which sometimes collaborate with the ‘citizens’ and ‘political’ bureaus of DG-COMM.

If that wasn’t complicated enough, none of these departments write von der Leyen’s speeches. That task falls to her personal speechwriter, Lorenzo Biondi, who announced his retirement on Wednesday.

Biondi is leaving the commission for a job at the Institute of International Affairs, an Italian think tank. But it’s not a straightforward move from the public to the private sector. The Institute of International Affairs’ Europe-focused work is funded almost entirely by the European Commission. There is now just an extra middleman between him and his former employer.

Queen Ursula’s court

Atop this bureaucratic superstructure, von der Leyen has consolidated her power. Her efforts go beyond appointing her loyalists to lucrative lifetime gigs: von der Leyen began the year by appointing 26 commissioners without running the list past the European Parliament first, as well as deliberately withholding budget and internal market strategy documents from member states until hours before publication, making deliberation impossible.

Former European Council President Charles Michel has described her governance as “super authoritarian.” Surrounded by a “tight-knit” and “micromanaged” circle of mostly German advisers, including Flosdorff, von der Leyen has reduced her commissioners to little more than administrators, whose opinions and criticisms rarely make it past her advisers.

Von der Leyen is “obsessed with demonstrating that she’s in charge,” and “is constantly jumping into the middle of the latest crisis, even when it’s outside her remit,” unnamed EU diplomats complained to Bloomberg in May.

Some of the commission chief’s ambitions are grand – she has pushed for the creation of an intelligence agency answering to her office, and backed a Franco-German plan to strip some of chief diplomat Kaja Kallas’ foreign policy powers. Others are more petty. On the day of US President Donald Trump’s inauguration last year, every commissioner under von der Leyen reportedly received strict instructions from Flosdorff: their own communications teams were only allowed to repost von der Leyen’s message to Trump on social media, without adding any comments of their own.

All of this is to illustrate two characteristics of the European Commission under von der Leyen. Firstly, with its jobs for life, its three-dozen communications departments, and its web of interconnected think tanks, it is a bloated organism whose reform would be a generational undertaking.

Secondly, with its unelected president controlling everything from job appointments and social media posts to foreign policy and intelligence gathering, it is an autocracy so at odds with its democratic rhetoric that it requires 43 communications offices to explain away its contradictions to the public.

A high-profile scandal has rocked the European Union, exposing the thorough incompetence of the bloc, which is hell-bent on trying to undermine Russia’s sovereignty by aiding the illegal Kyiv regime. In an egregious incident, the Defense Minister of Estonia, Hanno Pevkur, resigned on September 3, 2026. While resignations may seem rather routine in the fast-moving […]

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While the country queues for petrol, import licences are being given to the network behind Mongolia’s largest corporate fraud. Mongolia spent August rationing petrol, as the country faces an ‘unprecedented’ fuel crisis. In response, the Government has made importing fuel more profitable, and has sped up the process for issuing new licences.[1]

By opening the gates, the government has allowed existing networks to exploit the crisis, including the one connected to Jononbayar Erdenesuren, the disgraced Mongolian businessman reportedly as being allegedly responsible for the $1.1 bn fraud scheme operated through Lex Oil, the fuel importer that was run by his aunt.[2]

Mongolia is heavily reliant on foreign oil, primarily from Russia. To import it, businesses need an ‘all-types fuel import licence’, issued by the Ministry of Industry and Mineral Resources, which decides through paperwork checks.[3] Foreign businesses cannot import directly — they must sell through a Mongolian-licensed entity.[4]

Some 164 companies hold an import licence. Of these, 34 have been granted since 2025.[5] The number of companies licensed to import fuel has more than doubled in under five years.[6]

They have also become considerably more valuable. Duty and excise on fuel have been zeroed, importers offered preferential loans and subsidised storage for reserves, and the customs service has been told to expedite clearance of petrol consignments.[7]

A number of companies granted all-types fuel import licences in 2025 and 2026 are connected to Jononbayar Erdenesuren and the Lex Oil network behind his $1.1bn scheme. That scheme was executed through the very exploitation of import licences.

None of these importers are required to disclose the amount of oil they import. Only 11 of the 164 licence holders imported fuel in the first days of August. When asked which 11, and how much each imported, the Customs General Administration refused to answer, citing customs law.

Lex Oil’s network is growing

Since 2025, two former Lex Oil CEOs have taken positions in dormant companies that then received fuel licences. In one case, the licence was obtained the same day the shareholding was registered.

Following five years of inactivity,[8] Standard Oil Gas appointed a new Director, Erdenebat Indra, in December 2025. Indra ran Lex Oil from January 2019 until February 2024 – nearly the whole period in which the losses accrued.[9] Six weeks later, Standard Oil was granted an import licence. Indra became a shareholder that same day.[10]

The pattern was replicated by Indra’s successor at Lex Oil, Banzragch Batdavaa.[11] Batdavaa bought into Best Dragon, a company with no prior fuel operations, in July 2025. It was granted import permits just two months later.[12] Batdavaa remains in business with both Mongolian and offshore entities linked to the scheme,[13] amongst them two Dubai entities – Peak Solutions (co-managed with Jononbayar’s mother)[14], and his own APEXPP commodities.[15]

Two other companies, granted licences in the spring of 2025, were already owned by individuals in the network. Tod Oil received its first licence in April 2025, although the company was incorporated six years earlier by entities closely tied to Jononbayar.[16] Its founder, Tod Petroleum, was co-founded by Lex Oil and former VS Oil CEO Bataa Anarchuluu.[17] Bataa continues to operate within the network, serving as the Executive Director of the helicopter business linked to both the scheme and the son of former Prime Minister Oyun-Erdene.[18]

Another, Apex Petroleum, was incorporated in October 2024 – the month the $1.1bn provision was made public.[19] Three of the five founding shareholders had previously founded businesses with Jononbayar himself.[20] These three include Mönkhjargal Javkhlan (son of a licensed importer linked to the Government)[21] and Jononbayar’s rumoured mistress, Yalaltbayar Khongorzul.[22]

Three further entities — ABR Eco Trans, Petro Spark and Standard Energy and Oil — have links to Jononbayar’s network. ABR was incorporated in October 2024 and licensed to import fuel in April 2025.[23] It has since taken on the founder of BID Energy, Bold Luvsandagva, as its shareholder and executive director.[24] In February 2026, ABR moved into the same unit BID Energy had occupied until that December.[25] BID Energy is Indra's other licensed importer. It was granted import licences in 2024, 11 weeks after Indra left Lex Oil.[26] Indra bought into the company and is now its ultimate beneficial owner.[27]

Another, Petro Spark, was licensed on the same day as Apex Petroleum.[28] Its owner, Yadamsüren Dorjchanga, holds a network of businesses with Yondon Uuganbayar.[29] Uuganbayar bought shares in Jononbayar’s family’s meat business, Erdenet Makh Market, two weeks after the Lex Oil scheme was disclosed in October 2024.[30]

The seventh company, Standard Energy and Oil, was licensed in 2025.[31] In May 2026, it was taken over by N. Monsor.[32] Monsor is a reported close contact of Jononbayar.[33] He was director of a Mongolian company, Sky Professional Logistics,[34] when it received over $7.5 million from an offshore entity called Class Trading Limited,[35] and distributed it the same day among nine recipients. These included Jocondy, a company owned by Jononbayar’s aunt, the founder of Lex Oil.[36] Jocondy was reportedly directed by Jononbayar at the time.[37] It is reported that Jononbayar had previously made transfers into Class Trading.[38]

These are not the network's first import licences. Nine companies linked to Jononbayar, the first being Lex Oil itself in 2019, were granted import licences before 2025,[39] meaning at least 16 of the 164 importers are connected to his network.

New Licences, Existing Networks

Even outside that seven, what distinguishes a successful candidate is often the individual owner, as opposed to the company profile. One grantee, TES Petroleum Trade,[40] is owned by the reported son of Baagaa Battömör,[41] a sitting MP who had previously run both Mongolia’s tax and customs administrations.[42] Two licences went to companies owned separately by partners in an existing fuel business.[43] Four more went to Chinese-controlled businesses, two of them on the same day. None was set up as a fuel business, and three were still unregistered for fuel activity when they were licensed.[44]

Of the 34 companies granted import licences by the Ministry of Industry and Mineral Resources in 2025 and 2026, 14 had been incorporated less than two years before the award.[45] Eight more of the organisations granted licences changed hands shortly before they were licensed.[46]

The Government’s Response

On 17 August, the Ministry of Industry and Mineral Resources warned that importers who failed to keep filling stations supplied could lose their licences. The Minister admitted that some importers were holding stock and not selling it.

Revoking a licence removes a registration but has no bearing on the individuals behind the businesses. With fewer regulatory checks, and more demand than ever, the doors are being left open to actors who previously exploited Mongolia’s fuel import regulations.

Mongolia scored 31 out of 100 on Transparency International's 2025 Corruption Perceptions Index, ranking 124th of 182 countries, its worst score on record. In September 2025 the US State Department reported that businesses in Mongolia face "substantial and unpredictable regulatory burdens at every level", with officials across ministries and agencies routinely contravening existing law and regulation. Unless the country creates laws transparently and implements them predictably, it warned, "investors may find Mongolia too risky and opt for more competitive countries."[47]

The victim of Jononbayar’s fraud scheme, Trafigura, used to be one of the most important importers of oil into Mongolia.[48] The fraud orchestrated by the playboy,[49] which personally enriched both himself and his family,[50] put that to an end. Now, the individuals involved are being allowed back in to exploit the crisis at the expense of ordinary Mongolians.

The crisis was a chance to show that direction had changed. Instead, the Government zeroed duty, offered importers preferential loans and subsidised storage, and issued 34 new licences — leaving at least 16 of the 164 with one network.  Now agents known to have exploited the same system previously, are being allowed in again.

Photo by Zbynek Burival on Unsplash

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[1] Government’s announcement that fuel import licence applications should be processed quickly and the licences granted, reported: https://ikon.mn/n/3pep and https://sonin.mn/newsDetail/18284

[2] Lex-Oil LLC granted fuel import licence in 2019: https://opendatalab.mn/search/5623979. Owned through his aunt, Dorjgochoo Erdenetul.

[3] In order to gain these, an applicant must produce its registration documents, prove membership of the relevant professional association, and file its contract with the fuel supplier in original: https://legalinfo.mn/mn/detail?lawId=208190

[4] https://www.bloomberg.com/news/articles/2024-11-02/trafigura-mongolia-oil-fraud-how-trader-faces-1-billion-loss

[5] Data as of 20 August, taken from https://license.mn/  (official electronic licence system)

[6] 80 companies Eighty companies held a licence to import fuel into Mongolia on 1 January 2022, recorded in the Ministry of Mining and Heavy Industry's register of petroleum products special licences, 22 March 2022: https://mmhi.gov.mn/wp-content/uploads/2022/03/ГТБ-тусгай-зөвшөөрлийн-жагсаалт-2022.03.22.pdf. 164 currently hold licences, per license.mn, the Ministry of Industry and Mineral Resources official register, as of September 2026: https://license.mn/.

[7] Tax and lending measures: https://mmhi.gov.mn/2026/08/06/. Expedited customs clearance: E. Oyun-Erdene, GoGo.mn, 17 August 2026, https://cmsm.mongolcontent.mn/r/6k9g8

[8] Standard Oil Gas LLC’s fuel import licence expired in 2020, and it recorded no other activity in the intervening period: https://opendatalab.mn/search/6120954  

[9] CEO of Lex Oil 2019-224: https://opendatalab.mn/search/5623979

[10] 6 February 2026: https://opendatalab.mn/search/6120954

[11] Batdavaa sat as Executive Director of Lex Oil from Feb-April 2014: https://opendatalab.mn/search/5623979

[12] Best Dragon, incorporated 2020, dormant until 2025 when ownership was transferred to Batdavaa. Fuel import licence granted 26 September 2025: https://opendatalab.mn/search/6574246

[13] B.Batdavaa is currently a shareholder of Diamond Oil and Energy alongside Oyunbileg Sainbileg https://opendatalab.mn/search/6552544. Sainbeleg is known to a key actor alongside Jononbayer, and remains director of one of the family’s  companies, Zuunnaim Oil: https://opendatalab.mn/search/5272378  

[14] Cedar Rose UAE corporate data accessed via Sayari, 21 August 2026: PEAK SOLUTION DMCC, commercial register DMCC194234, licence DMCC-855346, incorporated 5 August 2022;

[15] Offshore link reported in https://www.eureporter.co/world/mongolia/2026/08/13/the-helicopter-that-helped-topple-mongolias-prime-minister-linked-to-lex-oil-scheme/, Batdaava’s Linkedin states him as CEO of APEXPP Commodities: www.linkedin.com/in/batdavaa-banzragch-46120115a

[16] Tod Oil, incorporated 2019 by Tod Petroleum, granted licence 23 April 2025: https://opendatalab.mn/search/6415636

[17] Tod Petroleum, founded Lex Oil and Bataa Anarchuluu https://opendatalab.mn/search/6104894. Bataa served as VS Oil CEO https://www.opendatalab.mn/search/6225578.

[18] Listed as UBO of Alpha Aurora Aviation: https://www.opendatalab.mn/search/8376344

[19] Apex Petroleum was incorporated 17 October 2024 (https://opendatalab.mn/search/7078633). Trafigura’s statement on losses 30 October 2024: https://www.trafigura.com/news-and-insights/press-releases/2024/statement-re-trafiguras-petroleum-products-business-in-mongolia/

[20] Three founders:  Bayardalai Erdenezaya (founded Kem Tek with Jononbayar in 2016, and Commodity Trans with his mother in 2019); Mönkhjargal Javkhlan (registered at the same two businesses, alongside Diamond Oil and Energy), Yalaltbayar Khongorzul (co-founded Khongorfinance with Jononbayar in 2015),

[21] Reported to be the brother in-law and former campaign manager for the Minister of Economic Development: https://ergelt.mn/news/22/singile/40012

[22] Archived article: https://web.archive.org/web/20241113103634/https://www.reelnews.mn/a/1225 and X: https://x.com/miigaasbntv/status/1852208500715459004

[23] ABR Eco Trans LLC, incorporated 15 October 2024; wholesale permit 0016 from 20 March 2025 and all-types fuel import licence 0015 from 25 April 2025; https://opendatalab.mn/search/7077609

[24] Luvsandagva registered as ABR shareholder and joint beneficial owner on 24 November 2025 and as executive director on 29 January 2026; he founded BID Energy on 13 December 2023 with Baterdene Lkhagvadulam and was its first executive director: https://opendatalab.mn/search/7077609 and https://opendatalab.mn/search/8454485

[25] BID Energy moved from Bayanzürkh, 3rd khoroo, 12th microdistrict, Tsendgüni 30b, unit 53 on 1 December 2025; ABR moved into that unit on 2 February 2026, from Tokio 24a, unit 134 in the same microdistrict: https://opendatalab.mn/search/8454485 and https://opendatalab.mn/search/7077609

[26] BID Energy LLC, import licence 0015 granted 24 April 2024; https://opendatalab.mn/search/8454485. Indra was executive director of Lex Oil from January 2019 to February 2024: https://opendatalab.mn/search/5623979.

[27] Indra registered as BID Energy shareholder and executive director on 16 August 2024 and as sole ultimate beneficial owner on 1 December 2025: https://opendatalab.mn/search/8454485

[28] Petro Spark LLC, incorporated 8 May 2024, sole shareholder and beneficial owner Yadamsüren Dorjchanga; import licence 19 May 2025, the same date as Apex Petroleum: https://opendatalab.mn/search/7025169

[29] Joint holdings with Yondon Uuganbayar: Mongolian Truck Union Group LLC, https://opendatalab.mn/search/6840175; Novel Development Union LLC: https://opendatalab.mn/search/6894402; and the Gobi Genetics, https://opendatalab.mn/search/3646203  

[30] Uuganbayar owns Mon Beef Cattle: https://opendatalab.mn/search/8324328 . Mon Beef Cattle acquired Erdenet Makh Market LLC, from Dorjgochoo Erdenetuyaa 24 October 2024, days before the scheme was disclosed.

[31] Standard Energy and Oil, received wholesale permit in June, the import licence that September:  https://opendatalab.mn/search/6754244

[32] Monsor became the director of Standard Energy and Oil on 5 May 2026. It was acquired the same day by an investment fund, then owned by Dorj Enkhtuya (renamed KK Real Estate private fund two days later): https://opendatalab.mn/search/6607829. Mansor was the previous manager of that fund, and founded it himself through another vehicle he still owns and manages, Ulaanbaatar Asset Management: https://opendatalab.mn/search/5493498 . He became the CEO of Standard Energy and Oil on the day it was taken over by KK Real Estate.

[33] Reported in https://www.livetv.mn/p/11193/ and in https://www.polit.mn/a/69636

[34] Monsor is reported to have run Sky Professional Logistics: https://www.livetv.mn/p/11193. Court records state the executive director of Sky Professional Logistics concluded a wagon-transport agreement with the head of Ulaanbaatar Railway on 28 July 2017, naming him as Н.Монсов: https://shuukh.mn/single_case/19024

[35] Reporting states that US$7,545,900 was transferred from Class Trading Limited to Sky Professional Logistics on 8 August 2017 https://gogo.mn/r/5292y. Class Trading Limited was incorporated in the Turks and Caicos Islands and registered a Hong Kong place of business on 13 May 2015: Hong Kong Companies Registry, Company Particulars, BRN 64752427.

[36] Jocondy was founded by Dorjgochoo Erdenetuul, https://opendatalab.mn/search/5247632. She is Jononbayar's maternal aunt and the owner of Lex Oil LLC: https://opendatalab.mn/search/5623979 and https://zuv.mn/n/16a3.

[37] Reporting records US$612,400 paid to Jocondy and describes Jononbayar as its director at the time: https://gogo.mn/r/5292y and https://dardas.mn/news/view/2970

[38] Reported that Jononbayar sent $500,000 to Class Trading in 2014: https://dardas.mn/news/view/2970

[39] 2019: Lex Oil, 2019 https://opendatalab.mn/search/5623979,Tod Petroleum, https://opendatalab.mn/search/6104894. 2020: ICIC, https://opendatalab.mn/search/5288193 VS Oil, https://opendatalab.mn/search/6225578, Zuunnaim Oil https://opendatalab.mn/search/5272378. 2022: Argal Oil https://opendatalab.mn/search/6309011. 2023: Alpha Aviation Fuel https://opendatalab.mn/search/8403473. 2024:  BID Energy https://opendatalab.mn/search/8454485 · Interasia Energy Mongolia, 2024 https://opendatalab.mn/search/6902987. Register of all 164 holders: https://opendatalab.mn/licences/15

[40] Tes Petroleum Trade, licenced 21 February 2025: https://opendatalab.mn/search/6373135

[41] Paternity reported in: https://ergelt.mn/news/22/single/40012

[42] Battömör has sat in the State great Khural since 2016, he was deputy head, then head of the State Customs General Administration from 2008-11 and Head of the Tax General Administration from 2011-13: https://www.24tsag.mn/a/227052  

[43] Greenjob, owned by Batsukh Baigalmaa, granted licence in October 2025: https://opendatalab.mn/search/5645867; and Gobi Petroleum GPT, owned by Onurbat Ragchaa, granted a licence September 2025: https://opendatalab.mn/search/7121913. Together they are exclusive owners and directors of Green Oil Trade since incorporation in 2020: https://opendatalab.mn/search/6528716 

[44] Tana Khiimori Oil - received import licence 11 August 2025, First registered for fuel-related activities 15 August 2025

: https://opendatalab.mn/search/7080033; Talnutgiin Ayalal - received import licence 11 August 2025, First registered for fuel-related activities 15 August 2025: https://opendatalab.mn/search/5887488; 

Achit Güür MS - received import licence 14 Jan 2026, Remains unregistered for any kind of fuel-related activity (registration codes are for freight, agriculture, tourism and motor vehicle sales): https://opendatalab.mn/search/6891802; Söüd Mont Forest - received import licence 11 December 2025, Registered for fuel wholesaling 6 December 2025,  (previous registration codes are for motor vehicles, freight, automotive sales and machinery),  https://opendatalab.mn/search/7058649.

[45] Data as of 20 August, taken from https://licence.mn/  (official electronic licence system)

[46] Data as of https://licence.mn/ checked against https://opendatalab.mn/search/[registration number]. “Changed hands” to mean change of shareholder, director or beneficial owner within twelve months on either side of grant.

[47] https://www.state.gov/wp-content/uploads/2025/09/638719_2025-Mongolia-Investment-Climate-Statement.pdf

[48] Trafigura supplied around a third of the region’s oil products, particularly diesel: https://eulerpool.com/news/markets/trafigura-in-crisis-mongolian-oil-credit-causes-million-loss; deals undertaken through the scheme said to account for around 80% of Mongolia's imported oil products: https://eguur.mn/556936/

[49] Jononbayar known for “parties he threw for friends and contacts” per Bloomberg: https://www.bloomberg.com/news/articles/2024-11-02/trafigura-mongolia-oil-fraud-how-trader-faces-1-billion-loss; reported to have thrown some of the “most expensive parties in Mongolia” https://eguur.mn/556936/

[50] https://zuv.mn/n/16a3; https://itoim.mn/a/2024/07/22/news-break/ugg

On 10–11 June 2026, the European Commission hosted a thematic workshop of the EU Network against Corruption in Brussels to support the preparation of the first EU Anti-Corruption Strategy, as announced in the Commission Work Programme 2026.

The workshop brought together representatives of member states, EU institutions and bodies, civil society organisations, and academia to discuss how to develop a more coherent and comprehensive EU approach to combating corruption.

The future Strategy builds on the 2023 Joint Communication on the fight against corruption and aims to bring together prevention, enforcement, institutional integrity, and international cooperation within a single strategic framework.

Day 1, dedicated to Member States and EU bodies, was opened by Marie-Hélène Boulanger, Acting Director for Rule of Law, Fundamental Rights and Democracy. Discussions focused on the key elements of an overarching EU anti-corruption approach, including the implementation of Directive (EU) 2026/1021. Participants highlighted the importance of preventive measures, particularly risk assessment, as a cornerstone of effective anti-corruption policies. The workshop also examined the enforcement dimension of the EU anti-corruption framework, with discussions covering the effective criminalisation, detection, investigation and prosecution of corruption offences, as well as the role of cross-border cooperation and information exchange.

Day 2, which expanded participation to include civil society organisations and academia, was opened by Irena Moozová, Deputy Director-General of DG Justice. Discussions centred on the development of a whole-of-society approach to combating corruption, recognising the important role of education, research, civil society, the media and other stakeholders in fostering a culture of integrity across society. It also looked at better use of data to detect corruption risks and analyse gaps. 

The workshop formed part of the Commission’s broader consultation process for the preparation of the Strategy. This process also includes a Call for Evidence, an Open Public Consultation, and targeted stakeholder consultations.

A lot is written about corruption, but fundamentally it’s about trust and how healthy societies can’t exist without it; and the World Cup has shown what happens when trust breaks down. The decision to allow U.S. striker Folarin Balogun to play in the World Cup match against Belgium was, according to FIFA, made by the relevant disciplinary committee in a routine manner. However, following the similarly generous treatment accorded to Portuguese megastar Cristiano Ronaldo before the tournament began, a lot of people not unreasonably questioned whether the rules were being set aside for commercial reasons.

It’s only football, so does this matter? In some ways, of course not. But I think the episode is instructive of how quickly trust can disappear. No one is under any illusions that FIFA is motivated purely by the desire to spread sweetness and light, thanks to corruption scandals, the grotesque “peace prize,” and all the other nonsense. But previously, what happened on the pitch was assumed to be sacrosanct, which is why these disciplinary decisions mattered more than it at first might appear.

Shortly after the U.S.-Belgium game, Argentina played Egypt, coming back from a two-goal deficit to achieve a remarkable 3-2 victory. I watched the game with my family, and it was notable how — instead of being amazed by Lionel Messi’s wizardry — all of us focussed instead on a refereeing discrepancy that led to a goal for Egypt being ruled out, and a seemingly identical one for Argentina being allowed. 

Previously we would have given the referee the benefit of the doubt: even if he’d made a mistake, we’d accept it was an honest one. But now we knew that the tournament had intervened to keep bankable stars playing for longer, in violation of its own precedents and regulations. Any decision that has that effect, as this one did, was immediately suspect. 

In the past, particularly when living in Russia, I used to hear a lot of Westerners being quite enthusiastic about corruption: it was nice they’d say, if they’d been stopped speeding, to be able to pay the police officer a bribe on the spot, and skip all the annoying paperwork. But that was a short-sighted way of looking at it: once a police officer, or anyone else in a position of power, gives anyone special treatment, then the trust that keeps all our interactions civilised, starts to break down. The more it is broken down, the harder it is to repair.

I am not particularly interested in football (Welsh rugby, on the other hand), which is a game I find both dull and mercenary. Besides, the Welsh team tends not to be very good. But I am interested in corruption, and I was surprised by how angry the Balogun affair made me. If you love a game, you need to hate its arbiters giving out special treatment, even if you are the beneficiary of it. That is a lesson quite a lot of politicians need to learn, both in the United States and elsewhere.

A report from the Anti-Corruption Data Collective makes particularly grim reading in this light. Lobbying by “high-risk foreign individuals” is higher under Donald Trump than it has previously been; the amounts being spent are often obscure; much of the lobbying is to overturn previous anti-corruption efforts; and, most worryingly, efforts are aimed not just at individual cases, but at the whole principle of fighting corruption.

“If these influence campaigns are successful, this sets a dangerous precedent where the standard for holding corruption accountable shifts according to whoever holds power in Washington. For those seeking to undo consequences of their corrupt acts, each time lobbying works, it confirms that there is a price at which these consequences can be undone,” the report notes. So just like football then.

Cometh the hour, cometh the bin

Sunlight, it is often said, is the best disinfectant. Though I don’t know if that’s literally true when it comes to bacteria, transparency is certainly a useful antidote to the kind of backroom deals that make corruption possible. Generally speaking, politicians honour this idea in principle, if not necessarily in practice, so it’s unusual for British far-right politician Nigel Farage to have launched an election campaign on the single issue that he personally should be allowed to keep his financial affairs secret.

All the other major parties have decided to sit this one out until the official inquiry into Farage’s finances is concluded, at which point there may well be another by-election anyway, leaving serial novelty candidate Count Binface to provide the main opposition. It’s odd to think that someone who obscures his face behind a giant rubbish bin and pretends to be a spacelord from the planet Sigma IX could be the voice of transparency, but it’s 2026, and that appears to be where we are. It would be genuinely hilarious if he won.

Of course, while we’re distracted by the attention-seeking behaviour of tiresome bores like Farage, actually important things are happening elsewhere. It’s definitely worth taking a look at this report into the Iranian drone industry, which illustrates how changes in the world economy have led to a weakening of American influence in particular, and Western influence in general.

This growth of a multi-node decentralised trade system is paralleled by the growth of the large and highly-efficient ‘Chinese Money Laundering Networks,’ which operate with the same scale and speed as any large financial institution, and now dominate illicit crypto activity. This is an interesting paper on how military strategists should think about money laundering, considering its significance in allowing adversaries to buy components for drones, and so on. 

We also need to remember, however, that by using money laundering legislation and sanctions profligately, we are lessening their effectiveness by teaching people how to evade them. Like antibiotics, we’ll miss them when they don’t work anymore.

A version of this story was published in this week’s Oligarchy newsletter. Sign up here.

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The United Kingdom has taken over the presidency of the Financial Action Task Force, the global standard-setter on tackling money laundering, and seems determined to keep calm and carry on despite the gigantic Donald Trump-sized hole being blasted in everything it’s trying to do.

The new president of the Financial Action Task Force is Giles Thomson, a career civil servant and archetypal safe pair of hands, who’s declared that the organisation’s priority for the next two years is fighting fraud. He estimated the global cost of fraud at $500 billion, which — if compared to the standard estimates of the volume of global money laundering as making up 2 to 5% of everything — means it contributes between a tenth and a quarter of all profits from financial crime.

Fraud is clearly thus a Very Big Deal, and therefore a well-chosen target for Thomson because everyone (including me) agrees that we need to hit it. However, I think I saw a hint of other perhaps more controversial tasks in the rest of his proposed priorities. The suggestion, for example, that the Financial Action Task Force (FATF) will conduct “proportionate assessments of lower capacity countries” looks to me like a recognition that it needs to stop criticising poorer countries that don’t actually launder money just because their legislation isn’t perfect.

This has been a weighty accusation in the past, not least because of the implicit suggestion of racism, made by, among others, regulator Charles Littrell, who summarised the FATF’s great flaw in 2022 thus: “the vast majority of dirty money and assets resides in, passes through, or is facilitated by the world's largest and richest countries. How then do the world's main [anti-money laundering] risk rankings invariably centre blame upon small, relatively poor, and nonwhite jurisdictions?”

This is not an academic question. Being blacklisted by the FATF is serious, and there has been definite unfairness in the past in which countries have ended up being singled out for a punishment beating. Hopefully a recognition of this reality is hidden somewhere inside Thomson’s rather gnomic utterance that “the FATF will support countries and the private sector to focus effort where the threat is greatest.”

Fortunately, the FATF will have an immediate opportunity to demonstrate that it shows neither fear nor favour when it comes to doing the right thing when it publishes the results of the ongoing evaluation of the United States. 

The U.S. was last evaluated in 2016, and the FATF made various recommendations, which Washington was supposed to have implemented within three years, and sort of did. With the passage of the Corporate Transparency Act in 2020, some progress was made, but since Donald Trump returned to the White House that has gone into screeching reverse.

Prosecuting foreign corrupt practices is “not a priority, ”transparency around residential ownership has been suspended, the Corporate Transparency Act  has been gutted, and crypto is everywhere. Above all, of course, the president himself has been making money at a rate that even Vladimir Putin would have to admire. His headline earnings figure —  $2.2 billion in the first year of his second term —  is clearly unprecedented, but so are the details. 

What for example will future historians make of the fact that the president declared his ownership of the trademark for “THINK BIG AND KICK ASS”? Ha, trick question, there won’t be any historians. They’ll have been replaced by AI.

Tether watch

Talking of history, I had slightly been hoping that the U.S. dollars in circulation might hit the appropriately round number of $2.5 trillion to mark the round 250th anniversary of the Declaration of Independence, but it was not to be. If only the Fed had launched the $250 bill in time, perhaps it would have got there, but we’ll just have to wait.

Meanwhile, there’s an interesting time ahead for Tether, this newsletter’s favourite cryptocurrency, which is sailing into choppy waters. It has decided to pull its USDT out of the European Union rather than to comply with the Markets in Crypto Assets regulations on stablecoins, which is a boost for its great rival Circle (USDC), which is very much available in Europe. 

The two big stablecoins have markedly different strategies: Tether is dismissive of regulators, while Circle cosies up to them. And now here comes a new rival in Open USD, which is backed by many of the world’s largest banks and tech firms, and which also promises to abide by everyone’s regulations. Is Tether at risk of becoming irrelevant?

Congo’s conflict coltan

Huge credit to the good folks at Global Witness for this report from the Democratic Republic of the Congo, where coltan smuggling is helping to perpetuate the grim conflict in the east of the country. It is the kind of methodical, thorough research that really helps open your eyes to how grim things can be, and how complicit the rest of us are in a global supply chain forged from conflict. 

Congolese people hack coltan out of the ground under the eyes of M23 guerrillas, who then smuggle it into Rwanda, where it is repackaged as Rwandan and given certification intended to show it’s not from a war zone. It is then shipped to refiners in China or Kazakhstan to be processed into tantalum, which is in turn sold to leading companies to be incorporated in the phones, tablets, jet engines, and other products that we all rely on for our lovely modern lives.

“Rwandan official figures show that coltan exports have increased more than 2.5 times between 2021 and 2025,” the report notes. “Coltan is an important revenue stream for Rwanda, which levies a 5% tax on exports. Since 2023, it has become the country’s second-largest export earner, after gold.”

And where does the gold come from? Also from the Congo, which is why the U.S. Treasury sanctioned a Rwandan gold refiner last month, following action taken by the European Union against the same company last year, but it has done little to rein in M23.

A version of this story was published in this week’s Oligarchy newsletter. Sign up here.

The post Holding the U.S. to account, Tether exits EU & Congo’s conflict coltan appeared first on Coda Story.

I was listening to Ezra Klein interviewing a left-wing Democratic Party strategist the other day about what a post-Trump U.S. foreign policy might look like, and it was a pretty striking demonstration of Europe’s irrelevance right now that the only Western European country mentioned in the 90 minutes of the chat was the UK, and that was solely in the context of how it helps kleptocrats.

But aha, a notional Brit might have replied, at least we are about to convict Diezani Alison-Madueke, former head of OPEC, ex-Nigerian oil minister, for her alleged egregious corruption. That notional Brit would be feeling pretty foolish right now though, because this was yet another flop, with her being acquitted on all charges. 

Britain has a dire record both when it comes to enabling corruption and when it comes to successfully investigating it, as the failure of yet another high-profile prosecution shows. This latest fiasco should be the impetus the country needs to at last provide the resources and officers that its law enforcement agencies require.

Alison-Madueke saw the hand of divine providence in her acquittal. “It has been a hard journey,” she said, “but I tell you this, God will always do as he will. God will be God and God is not a man that he should lie; when he promises you something, he will see it through” — and who am I to say that she’s wrong? However, there are other potential explanations for what has happened beyond the Almighty manifesting at Southwark Crown Court to give instructions to the jury, including the entrenched incompetence of British police agencies.

It’s hard not to see a parallel with the failed attempt six years ago to investigate Dariga Nazarbayeva, daughter of the former president of Kazakhstan and possessor of a reasonable-to-large London property portfolio, which saw the National Crime Agency (NCA) being comprehensively outwitted by defence lawyers, just as it has been again.

“Today’s verdict is a major blow for the NCA who have come away empty-handed in one of their highest-profile corruption cases, which took over a decade to progress to trial,” said Zainab Saleem, Legal Fellow at Spotlight on Corruption. "It is vital that the UK government properly resources law enforcement agencies tasked with investigating complex bribery and corruption cases and does not take this defeat as grounds for rowing back on anti-corruption enforcement.”

It will be interesting to see what, if anything, results from the suggestions that the new Supreme Leader of Iran has been moving his wealth merrily around with the help of various Western banks, all of it now being investigated by the U.S. Department of Justice. “Funds for the transactions have been routed through financial institutions in the UK, Switzerland, Liechtenstein and the UAE,” reports Bloomberg.

What is the answer? Whatever it is, it will be even more embarrassing for the UK if it doesn’t come up with something plausible by the time it convenes its Illicit Finance Summit in December. (Unless it ends up being rescheduled again, like one of those meetings that no one actually wants to attend but also no one wants to be responsible for cancelling.)

Still, credit where it’s due, at least efforts to improve Companies House — the UK’s formerly-disastrous corporate registry — appear to be finally bearing fruit. It has sent almost a million enforcement letters to people who haven’t verified their identity, which must have been — at the very least — a useful money-spinner for the post office.

The idea of increasing funding to law enforcement agencies is something that Americans would do well to consider too, particularly when it comes to the Internal Revenue Service. “In 2022, under President Joe Biden, Congress approved an $80 billion increase in IRS funding over a decade, with more than half of it slated to restore the agency’s ability to go after the super-rich. This victory was short-lived. By March 2025, Republicans had slashed that $45.6 billion enforcement budget to just under $4 billion — “a 91% decrease,” it notes in this fascinating book excerpt.

I have been interested for a while in the idea of government’s being engaged in “legalisation by under-enforcement,” which is something we see with tax evasion, pollution of waterways, and almost anything else when the rules not being enforced benefit the kind of people who donate money to political parties. But I need a better name for the phenomenon, so please help me out and send one in.

Talking of phenomena that we need a new name for, Elon Musk’s wealth is doing weird things to the Forbes billionaires list. Whoever runs it appears to have decided to only display his net worth to two significant figures. That means that, while we can see an assessment of the wealth of relative paupers like Sergey Brin to the nearest $100 million ($277.6 billion, as I write), we only get a round $1.2 trillion for Musk. Or a round $1. 4 trillion, depending on what day it is, which means his wealth jumps up and down in a minimum increment that, on its own, would be sufficient to make its possessor the richest person in every country in the world except Spain, Canada, Mexico, the United States or France.

And talking of France, the G7 summit in Evian is over. It was of course at a previous French G7 summit when participants created what became the Financial Action Task Force. That was the 1980s and they were concerned about the spread of illegal drugs, the harm they were causing, and the fact that more countries were producing them, and wanted to stop drug dealers being able to keep their profits. Among other things they committed — in the words of the 1989 communiqué — “to prevent the utilization of the banking system and financial institutions,” which is part of the clause that gave birth to the entire global anti-money-laundering system. Well, 37 years have passed, so let’s check in on how that’s going. 

This year the G7 communiqué expressed concern about the spread of illegal drugs, about the harm they’re causing, and about the fact that more countries are producing them. “We emphasize the continued need to strengthen the global anti-money laundering architecture to prevent financial crime and improve enforcement and asset recovery outcomes, in line with the Financial Action Task Force standards,” this year’s summit document states. 

Plus ça change. Maybe in another 37 years, they’ll look up and wonder whether they should try something else, and indeed whether the FATF standards aren’t ripe for reconsideration.

A version of this story was published in this week’s Oligarchy newsletter. Sign up here.

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