🚨 JUST IN: The Biden administration released today for the first time ever in US history, a government strategy for countering #corruption, ahead of the inaugural « Summit for Democracy » that will take place on Dec. 9-10, with 110 governments in attendance.
The « Biden Memo » released in June this year, elevated the fight against corruption as a core US national security interest.
This newly released strategy outlines a whole-of-government approach to elevating the fight against corruption and places particular emphasis on better understanding and responding to the threat’s #transnational dimensions.
The new US fight against corruption will be axed around five pillars:
-Modernizing, coordinating, and resourcing U.S. Government efforts to fight corruption;
-Curbing illicit finance;
-Holding corrupt actors accountable;
-Preserving and strengthening the multilateral anti-corruption architecture;
-Improving diplomatic engagement and leveraging foreign assistance resources to advance policy goals.
My favorite quote of all:
« Corrupt actors and their facilitators rely on vulnerabilities in the United States and international financial systems to obscure ownership of assets and launder the proceeds of their illicit activities. As the world’s largest economy, the United States bears #responsibility to address gaps in our own regulatory system and work with our allies and partners to do the same.
This means addressing deficiencies, including by:
-Issuing #beneficialownership transparency regulations that help identify bad actors hiding behind opaque corporate structures.
-Enacting first-of-their-kind regulations that target those closest to #realestate transactions to reveal when real estate is used to hide ill-gotten cash or to launder criminal proceeds.
-Working with the Congress and within existing regulations to make it harder for certain #gatekeepers to the financial system – including lawyers, accountants, and trust and company service providers – to evade scrutiny. »