Good morning. In the yearslong technology fight between the U.S. and China, the Americans are poised to land a major punch.

The House on Saturday easily passed a bill that would force a sale or ban of TikTok, which is owned by China–based ByteDance, bringing closer to reality a law that could remove the popular app and deepen the internet divide between the two countries.

• One-year countdown: The measure, which passed 360-58 and was tied to a sweeping aid package for Israel and Ukraine, would give ByteDance up to a year to sell the app—compared with the six-month period proposed in a prior bill. If ByteDance can’t find a buyer within that time, TikTok—which has 170 million users in the U.S.—would be banned.
   
• Next steps: The Senate could vote on the bill in coming days. President Biden has previously said that he would sign such a bill into law.
   
• China's campaign: Passage of the legislation, which targets China’s most internationally successful app, comes as China steps up its longstanding campaign against U.S. and other foreign messaging and social-media services.

Billions in dirty money flies under the radar at world’s busiest airports.

Loopholes are allowing billions of dollars worth of cash to fly out of the U.K. and elsewhere to countries with fewer rules, law-enforcement officials said.

Money launderers surreptitiously introduce more than $2 trillion in proceeds from illegal enterprises to global financial systems every year, according to estimates. International airplane passengers likely ferry hundreds of billions of dollars worth of that in cash, according to figures from the United Nations Office on Drugs and Crime and the Financial Action Task Force. 

One reason for so much airline smuggling is that penalties and scandals over customers engaged in money-laundering have prompted more banks around the world to report suspicious transactions

Real-estate agents, investment advisers chafe at new anti-money-laundering rules.

Investment advisers and real-estate industry professionals are all for stamping out money laundering, just as long as it is someone else doing the stamping.

The Treasury Department earlier this year proposed rules that would bring both industries under regulations designed to prevent the flow of illicit money through the U.S. economy. While supportive of the Treasury’s goals, many industry members would like to see the rules written as narrowly as possible and, in some cases, have the responsibility for screening for money laundering shifted to others in their industry.

• Thai company SCG Plastics has agreed to pay about $20 million to settle allegations that it used the U.S. financial system to receive hundreds of millions of dollars for products made in Iran in violation of U.S. sanctions.
   
• Business leaders are sending a warning to staff: Dissent that disrupts the workplace won’t be tolerated.
   
• Dozens of companies have altered descriptions of diversity, equity and inclusion initiatives in their annual reports to investors as DEI programs come under legal and political threat.
   
• Long-dormant efforts to restrict Wall Street pay have returned to the agenda.
   
• The U.K. privacy regulator says Google’s proposed replacements for cookies need to do more to protect consumer privacy, according to internal documents reviewed by The Wall Street Journal.

Inside the White House’s frenetic scramble to avert a full-blown Middle East war.

President Biden and his national-security team watched with mounting alarm on April 13 as monitors in the White House Situation Room showed 30, then 60, then over 100 Iranian ballistic missiles streaking toward Israel.

Iranian cruise missiles and a swarm of drones were already in the air, timed to arrive at the same time as the missiles—a massive barrage that Biden and his aides feared could overwhelm the strengthened defenses they and Israel had spent more than a week preparing.

The agonizing wait during the Iranian barrage was among the tense moments in a 19-day crisis for Biden and his national-security team, one where they often found themselves uninformed or uncertain about what both Israel and Iran were planning at critical times.

• Israel and Iran Back Away From the Edge—and Into Dangerous Territory
• S&P Cuts Israel’s Credit Ratings on Geopolitical Concerns

• Air-safety officials are making a new push to ease fatigue among the controllers who coordinate thousands of flights across the U.S. each day and the potential risks it poses to airline travel.
   
• French solar-panel company Photowatt once powered Europe’s ambition to become a renewables manufacturing giant. Today, Photowatt is instead hanging by a thread, a potent symbol of the West’s struggles to fend off fierce competition from China.
   
• A sprawling apartment complex blocks away from the Coney Island boardwalk was an unlikely spark for a near panic in the banking industry earlier this year.

• Secret retreats have CEOs, VIPs and billionaires jockeying for invites.
   
• One of the biggest gold heists in years was remarkably simple.
   
• A man died after setting himself on fire Friday afternoon in a park across the street from the Manhattan courthouse where former President Donald Trump’s hush-money trial is taking place.
   
• Wall Street has abandoned Wall Street.

Follow us on X at @WSJRisk. Follow Risk & Compliance editor David Smagalla @DSmagalla_DJ and reporters Mengqi Sun @_MengqiSun, Dylan Tokar @dgtokar and Richard Vanderford @VanderfordRich.

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