Recap thread: h/t @unclenate
Dec 3, 2020:
1/ "The U.S. president-elect and his top advisors have made the fight against dirty money one of their early priorities."
"Biden, who as vice president spearheaded the Obama administration’s fight against corruption and kleptocracy...
Dec 3, 2020:
1/ "The U.S. president-elect and his top advisors have made the fight against dirty money one of their early priorities."
"Biden, who as vice president spearheaded the Obama administration’s fight against corruption and kleptocracy...
https://twitter.com/ForeignPolicy/status/1334550577229991936
2/ ...has repeatedly vowed to make it a focus as president. Two years ago, Biden and his former advisor @mikercarpenter warned in Politico about the threat posed by foreign money of unknown origins to the integrity of U.S. elections."
Nov 27, 2018: (more)
politico.com/magazine/story…
Nov 27, 2018: (more)
politico.com/magazine/story…
3/ "The lack of transparency in our campaign finance system combined with extensive foreign money laundering creates a significant vulnerability for our democracy. We don’t know how much illicit money enters the United States from abroad... (con't)
4/ ...or how much dark money enters American political campaigns, but in 2015, the Treasury Dept estimated that $300 billion is laundered through the US every year. If even a small fraction of that ends up in our political campaigns, it constitutes... (con't)
5/ ...an unacceptable national security risk."
"One of the key loopholes is the ability of so-called super PACs to accept money from US subsidiaries of foreign corporations. And while super PACs are required to file financial disclosure reports, non-profit 501(c) organizations...
"One of the key loopholes is the ability of so-called super PACs to accept money from US subsidiaries of foreign corporations. And while super PACs are required to file financial disclosure reports, non-profit 501(c) organizations...
6/ ...(for example, the National Rifle Association or the U.S. Chamber of Commerce) are not. So if a foreign entity transfers money to a 501(c), that organization can in turn contribute funds to a super PAC without disclosing the foreign origin of the money." (more...)
7/ "Real estate deals are also susceptible to foreign money laundering because they are largely exempt from the 'know your customer' rules that apply to the banking industry. This allows foreign entities to use shell companies to park their wealth in the United States...
8/ ...or to channel that money to U.S. political interests (👉for example, by purchasing real estate at above-market prices👈). Implementing more comprehensive disclosure requirements in high-end real estate and prohibiting all-cash sales above certain thresholds... (con't_
9/ ...would help create transparency in this sector."
"The fact that we don’t know exactly how much foreign dark money is being channeled into US politics is precisely why we need to reduce our vulnerabilities.There is ample evidence of dark money penetrating other democracies...
"The fact that we don’t know exactly how much foreign dark money is being channeled into US politics is precisely why we need to reduce our vulnerabilities.There is ample evidence of dark money penetrating other democracies...
10/ ...and no reason to believe we are immune from this risk."⤵️
"Campaign finance reform is certainly a necessary part of the solution, but so too is disclosure of beneficial ownership and greater transparency in real estate transactions. As matters of national security...
"Campaign finance reform is certainly a necessary part of the solution, but so too is disclosure of beneficial ownership and greater transparency in real estate transactions. As matters of national security...
11/ ...these are issues that should be of interest to both Democrats and Republicans who want to reduce our vulnerability to foreign corrupt influence."
Back to Foreign Policy, tweet #1:
"A transition official said that 'President-elect Biden made countering corruption at home...
Back to Foreign Policy, tweet #1:
"A transition official said that 'President-elect Biden made countering corruption at home...
12/ ...and around the world a staple of his agenda.'"
"Biden’s pick for national security advisor, Jake Sullivan, told Politico that one of his chief goals was to 'rally our allies to combat corruption and kleptocracy (con't)
Nov 27, 2020:
politico.com/news/2020/11/2…
"Biden’s pick for national security advisor, Jake Sullivan, told Politico that one of his chief goals was to 'rally our allies to combat corruption and kleptocracy (con't)
Nov 27, 2020:
politico.com/news/2020/11/2…
13/ ...and to hold systems of authoritarian capitalism accountable for greater transparency & participation in a rules-based system.'”
"Sullivan’s emphasis on working alongside allies is likely to find a ready reception, especially in other major banking & economic hubs. (con't)
"Sullivan’s emphasis on working alongside allies is likely to find a ready reception, especially in other major banking & economic hubs. (con't)
14/ ...'The U.K.🇬🇧 is absolutely desperate to start working more closely with the U.S. on this,' said Nate Sibley, a research fellow for the Hudson Institute’s Kleptocracy Initiative. 'That’s the two major global financial centers.'” (more...)
15/ "Biden has also outlined his intention to make international commitments to combat corruption a core tenet of the global summit of democracies that he pledged to host during his first year in office. 'This needs to be injected, mainstreamed if you will... (con't)
16/ ...into all of our multilateral engagements,' Carpenter said."
Will conclude this thread with some thoughts on the anti-money laundering provisions in the just-completed NDAA bill by both houses of Congress. h/t⤵️ @TeresaCCarter2 (more...)
Will conclude this thread with some thoughts on the anti-money laundering provisions in the just-completed NDAA bill by both houses of Congress. h/t⤵️ @TeresaCCarter2 (more...)
https://twitter.com/robertjdenault/status/1334876734370566151
17/ Tweets from Paul Massaro, congressional staffer for US Helsinki Commission, re: anti-money laundering provisions in NDAA. See his Twitter timeline for more. (more...)
https://twitter.com/apmassaro3/status/1334920403236470785
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