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☆ New York and California make retail theft a 2024 priority: 'We mean business'
▼ + stars: | 2024-01-11 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

Since 2022, at least nine states — including six in 2023 — passed laws to impose harsher penalties for organized retail crime offenses, and New York and California could join that list. It's tough to determine whether theft offenses are up nationally, as it's a crime that often goes unreported and undetected. Experts previously told CNBC that laws that increase penalties for retail crime offenses may not actually reduce theft offenses, and could disproportionately harm marginalized groups. "Across our nation and our state, retail theft has surged, creating fear among customers and workers. Newsom this week also called for new legislation that would address organized retail crime.

Persons: Kathy Hochul, Gavin Newsom, —, It's, Hochul, Newsom, sheriff's, — CNBC's Christina Wilkie Organizations: Democratic, Republicans, CNBC, Owners, CNBC PRO Locations: New York, California

☆ Binance warned VIP customers about law enforcement investigations, Treasury says
▼ + stars: | 2023-11-21 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Binance's VIP users were granted a set of special privileges, including an early heads-up from the crypto exchange if they were under investigation by law enforcement, according to the U.S. Treasury's Financial Crimes Enforcement Network. Treasury alleged in a 92-page order that Binance had "developed a process to notify VIP users if they became the subject of a law enforcement inquiry," in a setup where Binance was effectively serving as a lookout for its top-tier customers. Members of Binance's VIP team were instructed to contact the user under investigation by "all available means" including sending texts and calling to inform customers, for example, that their account had been frozen or unfrozen. According to the consent order, Binance's VIP team staff were warned not to be too obvious in their tips. They will be managed by your [VIP] team.

Persons: Changpeng Zhao, Binance, FinCEN, Binance's, — CNBC's Christina Wilkie Organizations: Treasury's, Treasury, . Enterprise Locations: U.S, United States

"There is no country, none, that presents a broader, more comprehensive threat to our ideas our innovation our economic security than the Chinese government and the Chinese Communist Party," Wray testified. Wray said that Americans "would be shocked to hear" that virtually all companies doing business in China are required to allow those cells. Wray did not name specific companies who have been required to house CCP cells in China. It's not the first time Wray has raised concerns about Beijing's alleged efforts to enforce communist political views within foreign companies operating in China. "And it doesn't just apply to Chinese companies; it applies to foreign companies if they get to a certain size in China, as well," Wray told CNBC.

Persons: Christopher Wray, SAUL LOEB, Wray, China's, Antony Blinken, Janet Yellen, Lance Gooden, I've, Gooden, It's, Biden, — CNBC's Christina Wilkie Organizations: Federal Bureau of Investigation, AFP, Getty Images, Chinese, Party, Committee, Chinese Communist Party, CCP, FBI, U.S . Chamber of Commerce, Business, Apple, Nike, Street, Fidelity, Financial Times, HSBC, CNBC, Republican Locations: Washington ,, China, Beijing, Washington, Texas, British, BlackRock

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