The European Union’s anti-fraud office has initiated a new investigation into Peter Mandelson, who was removed from his position as UK ambassador to the United States due to connections with the deceased sex offender Jeffrey Epstein.
The European Anti-Fraud Office (Olaf) has stated that it has received enough information to commence an inquiry, prompted by a request from the European Commission two months ago.
Olaf has been tasked with examining allegations of impropriety during Mandelson’s tenure as European trade commissioner from 2004 to 2008, particularly regarding purported interactions with Epstein during that period.
While a formal investigation has been launched, Olaf has indicated that it is premature to determine whether the probe pertains to fraud allegations.
Olaf has confirmed that its scope encompasses all four years involving personnel and members of EU institutions.
Furthermore, correspondences from the 2010 eurozone crisis era have surfaced, suggesting that Mandelson may have forewarned Epstein about a €500 billion (£434 billion) bailout package endorsed by EU governments to mitigate Greece’s financial crisis from affecting other eurozone countries.
Mandelson has refrained from addressing the accusations but reportedly denies any criminal misconduct, asserting that financial gain was not a motivating factor.
Olaf has pledged to review any evidence, including digital forensics, and will refer any criminal aspects to the European Prosecutor’s Office.
Earlier this year, additional email exchanges between Mandelson and Epstein were discovered, prompting a police investigation into allegations of sharing market-sensitive information while Mandelson held the position of business secretary in 2009.
Following renewed scrutiny into his association with Epstein, Mandelson was dismissed as UK ambassador to the US in September 2025.