Lord Mandelson Under Formal EU Anti-Fraud Office Investigation Over Jeffrey Epstein Ties

The European Anti-Fraud Office (Olaf) has initiated a formal investigation into Lord Peter Mandelson, who previously served as the European trade commissioner. The inquiry focuses on allegations of misconduct during his four-year term, spanning 2004 to 2008.

Olaf confirmed on Friday that it had obtained "sufficient information" to commence its investigation. The scope of the inquiry covers the entirety of Mandelson's period as an EU commissioner, examining interactions with Jeffrey Epstein. While the office’s mandate is limited to staff and members of EU institutions, later email exchanges concerning the 2010 eurozone crisis have also surfaced. These include allegations that Mandelson provided Epstein with advance notice of an impending EUR#500bn bailout.

Lord Mandelson has not publicly addressed the allegations, though he is understood to have denied any criminal conduct or financial motivation. Olaf, which investigates fraud against the EU budget, corruption, and serious misconduct within EU institutions, stated it lacks prosecutorial powers. Any evidence of criminal activity would be forwarded to the European Prosecutor’s Office.

Olaf can recommend various sanctions, including judicial, financial, administrative, and disciplinary measures, which could potentially impact the former commissioner's pension. The investigation will involve the analysis of documents and IT forensics, where available, despite the passage of several years.

Earlier this year, the UK's Metropolitan Police launched a separate criminal investigation into Mandelson following suggestions that he passed market-sensitive information during his subsequent role as UK business secretary in 2009. Lord Mandelson was sacked as UK ambassador to the US in September 2025 due to the extent of his association with Epstein.