Category: aml

Regulatory Watch News

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  Commission evaluation confirms OLAF Regulation remains broadly fit for purpose, with some room for improvement

  European Public Prosecutor's Office

  September 21, 2026

    The European Commission has today adopted its evaluation of the OLAF Regulation, concluding that the legal framework governing OLAF remains broadly fit for purpose and enables OLAF to effectively protect the EU’s financial interests. For citizens, this means that the rules underpinning OLAF’s work continue to provide a solid basis for detecting and investigating fraud, corruption and other irregularities affecting EU money. The evaluation also identifies areas where the framework could be improved, including information exchange, cooperation with the European Public Prosecutor’s Office (EPPO), access to financial information and the follow up to OLAF’s financial recommendations.

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  Croatia: Four individuals and two companies indicted for subsidy fraud in a probe involving the construction of a briquette production plant

  European Public Prosecutor's Office

  September 18, 2026

  (Luxembourg, 18 September 2026) – The European Public Prosecutor’s Office (EPPO) in Zagreb (Croatia) has filed an indictment against four individuals and two companies for subsidy fraud involving the misuse of EU funds intended for the construction of a new briquette production plant. As previously reported, the investigation revealed that one of the indicted companies was a beneficiary of an EU subsidy for a construction project co-financed by the European Structural and Investment Funds (ESIF) and Next Generation EU’s Recovery Assistance for Cohesion and the Territories of Europe (REACT-EU). The funds were envisioned for the construction of a new briquette production plant, with eligible procurement costs amounting to €945 858, out of which 45% were non-refundable.

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  SFC obtains continuation of worldwide freezing orders against Lo Kai Bong and Major Success Group Limited

  Securities and Futures Commission

  September 18, 2026

  The Securities and Futures Commission (SFC) has obtained from the Court of First Instance an extension of the worldwide freezing orders against Mr Lo Kai Bong, chairman, executive director and controlling shareholder of LET Group Holdings Limited (LET) and Summit Ascent Holdings Limited (Summit Ascent), and Major Success Group Limited (Major Success) in relation to suspected corporate misconduct (Notes 1 to 4). The freezing orders, which prohibit Lo and Major Success from removing, disposing of, dealing with or diminishing the value of their assets, whether in Hong Kong or elsewhere, up to a total value of HK$146,859,320, shall remain in force until the final determination of the SFC's p