The Wall Street Journal reports:

The White House is preparing to step up pressure against big banks over perceived discrimination against conservatives and crypto companies with an executive order that threatens to fine lenders that drop customers for political reasons.

A draft of the executive order, which was viewed by The Wall Street Journal, directs bank regulators to investigate whether any financial institutions might have violated the Equal Credit Opportunity Act, antitrust laws or consumer financial-protection laws.

Violators could be subject to monetary penalties, consent decrees or other disciplinary measures, according to the draft.

The order could be signed as soon as this week, according to people familiar with the matter. It is possible the order could get delayed or that the administration’s plans will change.

The draft order doesn’t name any specific banks but appears to refer to an instance where Bank of America was accused of shutting down the accounts of a Christian organization operating in Uganda based on the organization’s religious beliefs. The bank has said it closed the accounts because it doesn’t serve small businesses operating outside the U.S.

The draft order also criticizes the role that some banks played in an investigation into the Jan. 6, 2021, riots at the U.S. Capitol. [Continue reading…]

In March, InSight Crime reported:

Experts say that the administration of President Donald Trump may be making it easier for criminals to get away with money laundering and bribery by abandoning the enforcement of laws that crack down on shell companies and corporate graft.

The Trump administration has said it will largely stop enforcing two key laws in the United States: the Corporate Transparency Act (CTA), which aimed to curb money laundering through shell companies, and the Foreign Corrupt Practices Act (FCPA), which bans bribery in international business deals.

Trump’s team has also moved to disband several specialized law enforcement units in the US Justice Department that focused on fighting corruption abroad. The administration is also reportedly considering severe cuts to the unit that tackles corruption inside the United States.

The Trump government justified the policy changes by arguing the laws impose unnecessary red tape on businesses and hurt the competitiveness of US companies. But the moves contradict Trump’s stated desire to get tough on organized crime.

The United States is a major global financial hub for organized crime, with an estimated $300 billion laundered in the country every year, according to the US Treasury Department. What’s more, the crucial role of the United States as a global financial center and home of many powerful corporations means these changes will have a substantial impact. [Continue reading…]