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The Justice Department announced the disruption of a botnet consisting of more than 200,000 consumer devices in the United States and worldwide.
The botnet devices were infected by Chinese state-sponsored hackers working for Integrity Technology Group, a Beijing-based cyber security firm traded on the Shanghai Exchange as Yongxin Zhicheng Technology Group Co., Ltd.
The United States has asked Mexico to review whether workers at a German-owned leatherworks supplying the automotive industry are being denied the right to freedom of association and collective bargaining.
The Office of the United States Trade Representative (USTR) announced final modifications concerning the statutory review of the tariff actions in the Section 301 investigation China’s Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation.
The tariff increases announced in May 2024 were largely adopted, with several updates to strengthen the actions to protect American businesses and workers from China’s unfair trade practices following the review of more than 1,100 comments from the public.
Compliance-challenged banking behemoth Wells Fargo & Co reached a settlement with the Office of the Comptroller of the Currency (OCC) related to the bank’s anti-money laundering (AML) and sanctions risk management failures. The Formal Agreement identifies deficiencies relating to the bank’s financial crimes risk management practices and anti-money laundering internal controls in several areas including suspicious activity and currency transaction reporting, customer due diligence, and the bank’s customer identification and beneficial ownership programs.
The agreement requires the bank to take comprehensive corrective actions to enhance its Bank Secrecy Act/anti-money laundering and U.S. sanctions compliance programs.
House Republicans held their highly-anticipated “China Week” by approving several China-related bills while Democrats began the week pushing for the White House to close the so- called de minimis loophole through administrative action, since Republican left the legislation off their agenda. The White House delivered that on Friday.
Meanwhile Speaker Mike Johnson failed to schedule any action on the looming government shutdown due to infighting in his caucus.
World Trade Organization Director-General Ngozi Okonjo-Iweala touted the trade’s “transformative role in reducing poverty and creating shared prosperity – contrary to the currently fashionable notion that trade institutions like the WTO, have not been good for good for poverty or for poor countries, and are creating a more unequal world.”
The report outlines several major findings, emphasizing the need for a comprehensive strategy that integrates open trade with supportive domestic policies to make trade more inclusive.
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