Financial prosecutors search Cavallo island and the Nice area
France’s national financial prosecutor’s office (PNF) has confirmed that it carried out searches on the island of Cavallo, in southern Corsica, and in the Nice area. The investigation concerns alleged “organised-gang laundering of aggravated tax fraud” and has been entrusted to the Corsica gendarmerie’s investigation unit. The operation, carried out by around twenty gendarmes supported by the UNPJ (the gendarmerie’s national criminal investigation unit) and the gendarmerie’s air forces in the presence of a PNF magistrate, reportedly targeted a luxury real estate agency and villas, among other places. Nicknamed the “island of billionaires”, Cavallo has already been the subject of several investigations. In September, a property developer and his father were fined €500,000 for illegally building bungalows. > Read the article.
Treasury Targets Global Scam Networks and the Corporate Infrastructure That Enables Them
On 5 November 2026, the Office of Foreign Assets Control (“OFAC”), an agency of the U.S. Department of the Treasury, announced a new round of sanctions targeting 45 individuals and entities associated with the Prince Group, a transnational criminal organization previously sanctioned for cyber fraud, money laundering, and human trafficking. The measures specifically target offshore structures and financial facilitators that enabled the concealment of beneficial ownership, the laundering of criminal proceeds, and the circumvention of existing sanctions. In parallel, a Malaysian national was designated for leading a fraud network based in Madagascar targeting U.S. victims. These designations result in the blocking of the designated persons’ and entities’ property and interests in property, as well as a prohibition, absent a license, on any transaction by U.S. persons involving such property. > Read the article.
Egyptian senator launches claim against UAE
On 9 November 2026, the International Centre for Settlement of Investment Disputes (“ICSID”) registered a request for arbitration filed by Helmy Ahmed Mohamed Ali Gawish, an Egyptian senator, against the United Arab Emirates. Brought pursuant to the bilateral investment treaty between Egypt and the UAE, the proceedings concern an investment in the construction sector. However, the precise circumstances underlying the dispute have not been disclosed. Mr. Gawish, Chairman of the Egyptian El-Gawish Group, which is active in, among other sectors, construction and urban development in the UAE, is represented by the Egyptian law firm Yehia Associates. This case constitutes the third arbitration currently pending against the United Arab Emirates before ICSID. > Read the article.
European Court of Auditors: “Insufficient controls and unclear rules weaken EU sanctions against Russia”
According to a recent report by the European Court of Auditors, the effectiveness of trade sanctions against Russia is weakened by inconsistent enforcement and unclear rules. The EU has adopted 21 rounds of sanctions since 2022, the most extensive in its history, but their implementation falls to each member state’s customs authorities. Despite a sharp drop in trade with Moscow, circumvention remains a major problem: inconsistencies between sanctions guidelines and customs legislation leadlead to divergent interpretations, allowing companies to engage in “forum shopping”. The Court recommends clearer rules, better coordination through improved information sharing and stronger oversight. > Read the article.
